IEIM401561 - IEIM401561 - Financial Accounts: Depository Account: Specified Electronic Money Products: Multi-Currency Products
Condition (a) of the Specified Electronic Money Product (SEMP) definition, as detailed at Section VIII.A(9) of the CRS, requires that a SEMP must be a digital representation of a single Fiat Currency.
Some electronic money products hold multiple balances in different fiat currencies in the same e-money wallet. Such products can meet the SEMP definition because each balance represents an e-money product denominated in a single Fiat Currency. All SEMPs maintained for an Account Holder represent a single (notional) Depository Account, and therefore, the overall account balance and overall interest income received should be reported as a single Depository Account, subject to the general aggregation and currency translation rules in Section VII of the CRS and determination of whether the account is Excluded (see IEIM401875).