Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:6_5b
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 6 cl 5B
Character Range: 132187–133479

5B  Meaning of virtual asset
 (1) A virtual asset is a digital representation of value that:
 (a) functions as any of the following:
 (i) a medium of exchange;
 (ii) a store of economic value;
 (iii) a unit of account;
 (iv) an investment; and
 (b) is not issued by or under the authority of a government body; and
 (c) may be transferred, stored or traded electronically.
 (2) A virtual asset is a digital representation of value that:
 (a) enables a person to vote on the management, administration or governance of arrangements connected with a digital representation of value; and
 (b) is not issued by or under the authority of a government body; and
 (c) may be transferred, stored or traded electronically.
 (3) A virtual asset is a digital representation of value of a kind prescribed by the AML/CTF Rules.
 (4) However, the following are not virtual assets:
 (a) money;
 (b) a digital representation of value used exclusively within an electronic game;
 (c) customer loyalty or reward points;
 (d) a digital representation of value that is:
 (i) similar to a thing mentioned in paragraph (b) or (c); and
 (ii) not intended by the issuer to be convertible into another digital representation of value or money;
 (e) a digital representation of value prescribed by the AML/CTF Rules.