R25-25-2. Definitions

Terms used in this rule are defined in Subsection 63A-3-112(1) In addition: (1) "Blockchain" means underlying technology used by nearly all cryptocurrencies. A blockchain is a complete ledger of transactions held simultaneously by multiple nodes on a network. (2) "Virtual currency" means a digital representation of value only available in electronic form. Transactions involving virtual currencies occur through secure, dedicated networks or over the Internet. (3) "Cryptocurrency" means a digital asset that can be used as a store of value or a medium of exchange for goods and services. Transactions are verified and recorded using cryptography by a distributed network of participants, rather than a centralized authority such as a bank or government agency. (4) "Wallet" means a software program or physical device that allows a user to store virtual currency and send or receive cryptocurrency transactions. (5) "Fiat Currency" means a government-issued currency that is not backed by a commodity such as gold. In the United States, it is the U.S. dollar. (6) "Agency" means the same as defined in Section 63A-1-103. (7) "SOC1 Type 2 Report" is a report on management's description of a service organization's system and the suitability of the design and operating effectiveness of controls. (8) "SOC2 Type 2 Report" means a report on how a cloud-based service provider handles sensitive information. It covers both the suitability of a company's controls and its operating effectiveness.