Terms used in this chapter mean: (1) "Charges," fees charged to a user for a virtual currency transaction, plus the difference between the market price of virtual currency at the time of the transaction and the price charged to the user; (2) "Distributed ledgers," a digital system maintained across multiple computers for recording virtual currency transactions using blockchain technology, as defined in § 53-12-1 , or substantially similar technology; (3) "Licensee," a person that: (a) Is licensed pursuant to chapter 51A-17 ; and (b) Operates a virtual currency kiosk in this state; (4) "User," a person that uses a virtual currency kiosk for a virtual currency transaction; (5) "Virtual currency," a natively electronic asset that confers access, economic, or proprietary powers or rights and is recorded using cryptographically secured distributed ledgers, or substantially similar technology; and (6) "Virtual currency kiosk," an: (a) Application or product that directs a user to remit payment in person, including through a clerk or other intermediary, for the purpose of completing a virtual currency transaction; or (b) Electronic terminal operated by or on behalf of a licensee engaged in virtual currency business activities, or a person acting on behalf of a licensee engaged in virtual currency business activities, whether or not the licensee owns the kiosk or provides custodial services, provided the terminal facilitates the exchange of virtual currency for bank credit, money, or other virtual currency by: (i) Connecting to a virtual currency exchange that performs a virtual currency transaction; or (ii) Drawing upon virtual currency or funds maintained by the licensee; and (7) "Virtual currency transaction," a form of money transmission in which a person, in whole or in part, through a virtual currency kiosk or by other electronic means, exchanges, purchases, sells, or transfers virtual currency.
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