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Economic Crime and Corporate Transparency Act 2023

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36After section 150 insert—

“150ACryptoassets etc

(1)“Cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically.

(2)“Crypto wallet” means—

(a)software,

(b)hardware,

(c)a physical item, or

(d)any combination of the things mentioned in paragraphs (a) to (c),

which is used to store the cryptographic private key that allows cryptoassets to be accessed.

(3)“Cryptoasset-related item” has the meaning given in section 127C(5B).

(4)The circumstances in which a cryptoasset is taken to be “destroyed” include circumstances where it is—

(a)disposed of,

(b)transferred, or

(c)otherwise dealt with,

in such a way as to ensure, or to make it virtually certain, that it will not be the subject of any further transactions or be dealt with again in any other way.

(5)The Secretary of State may by regulations amend the definitions of “cryptoasset” and “crypto wallet” in this section.

(6)The Secretary of State must consult the Scottish Ministers before making regulations under subsection (5).”

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