What are Virtual Assets?

• • A virtual asset is a digital representation of an item that has value in a specific environment. This medium of exchange or property can be digitally traded, transferred or used for payment or investment purposes. 
  • Virtual assets do not include digital representation of fiat currencies.

• Fiat money is a government-issued currency that is not backed by a commodity such as gold. 

• The most common example of a virtual asset is virtual currency such as Bitcoin, Litecoin, Ethereum or Dogecoin. 
• Gaming tokens and non-fungible tokens (NFTs) might also be considered virtual assets, depending on the circumstances and the context in which the assets exist and are used.

 Who are Virtual Digital Asset Service Providers?

• VASPs are entities that carry out exchanges between different forms of virtual assets or between virtual assets and fiat currencies. 
• A VASP may also transfer virtual assets, administer them, or oversee their sale by an issuer’s office.