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Section 1 Meaning of digital assetI1I2

Scotland

(1)

For the purposes of this Act, a digital asset is a thing that—

(a)

arises from an electronic system that makes it rivalrous, and

(b)

exists independently from the legal system.

(2)

An electronic system makes a thing rivalrous if—

(a)

the system maintains an immutable record of transactions in relation to the thing, and

(b)

that record is used to ensure that when, within the system, a person transacts in relation to the thing in a certain way (for example by transferring or spending it), the person loses the ability to transact in relation to the thing in that way again.

(3)

An electronic trade document within the meaning of section 2 of the Electronic Trade Documents Act 2023 is not a digital asset for the purposes of this Act.

Annotations

Commencement

I1

S. 1 not in force at Royal Assent, see s. 9(2)

I2

S. 1 in force at 1.7.2026 by S.S.I. 2026/197, reg. 2(a)