“Agent” means a person who is authorized to act on behalf of an owner with respect to a digital asset.
Terms Used In Utah Code 13-62-101
Agent: means a person who is authorized to act on behalf of an owner with respect to a digital asset. See Utah Code 13-62-101
Contract: A legal written agreement that becomes binding when signed.
Control: means :
(a)
an owner or an agent has the exclusive legal authority to conduct a transaction relating to the digital asset, including by means of a private key or the use of a multi-signature arrangement the owner or agent authorizes; or
(b)
a secured party has created a smart contract which gives the secured party exclusive legal authority to conduct a transaction relating to a digital security. See Utah Code 13-62-101
Digital security: means a digital asset which constitutes a security, as that term is defined in Section 70A-8-101. See Utah Code 13-62-101
Digital user asset: includes an open blockchain token. See Utah Code 13-62-101
Multi-signature arrangement: means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the asset, in which two or more private keys are required to conduct a transaction. See Utah Code 13-62-101
Private key: means a unique element of cryptographic data, which is:
(a)
held by a person;
(b)
paired with a unique, publicly available element of cryptographic data; and
(c)
associated with an algorithm that is necessary to carry out an encryption or decryption required to execute a transaction. See Utah Code 13-62-101
(2)
“Control” means:
(a)
an owner or an agent has the exclusive legal authority to conduct a transaction relating to the digital asset, including by means of a private key or the use of a multi-signature arrangement the owner or agent authorizes; or
(b)
a secured party has created a smart contract which gives the secured party exclusive legal authority to conduct a transaction relating to a digital security.
(3)
(a)
“Digital asset” means a representation of economic, proprietary, or access rights that is stored in a computer readable format.
(b)
“Digital asset” includes:
(i)
a digital user asset; or
(ii)
a digital security.
(4)
“Digital security” means a digital asset which constitutes a security, as that term is defined in Section 70A-8-101.
(5)
(a)
“Digital user asset” means a digital asset that is used or bought primarily for consumptive, personal, or household purposes.
(b)
“Digital user asset” includes an open blockchain token.
(c)
“Digital user asset” does not include a digital security.
(6)
“Multi-signature arrangement” means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the asset, in which two or more private keys are required to conduct a transaction.
(7)
“Private key” means a unique element of cryptographic data, which is:
(a)
held by a person;
(b)
paired with a unique, publicly available element of cryptographic data; and
(c)
associated with an algorithm that is necessary to carry out an encryption or decryption required to execute a transaction.
(8)
“Smart contract” means a transaction which is comprised of code, script, or programming language that executes the terms of an agreement, and which may include taking custody of and transferring a digital asset, or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions.
