Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 6   Services relating to virtual assets

Part 1   Main amendments

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

17   Before section 6

Insert:

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.