IEIM8000210 - Introduction
The term ‘cryptoasset’ is very broad and encompasses many types of assets. For the purposes of the rules, only relevant cryptoassets are subject to due diligence and reporting by Reporting Cryptoasset Service Providers (RCASPs).
Cryptoasset
The definition is functional
and includes any digital representation of value that relies on a
cryptographically secured distributed ledger or similar technology to validate
and secure transactions. Examples of cryptoassets include security tokens,
exchange tokens and non-fungible tokens. This list is not exhaustive.
Certain digitally issued or tokenised financial assets are not cryptoassets for the purposes of the CARF. See IEIM8000220 for further details.
Relevant
Cryptoasset
All cryptoassets are relevant cryptoassets unless they fall within the
following three categories:
- central bank digital currencies (CBDC), dealt with under the Common Reporting Standard (CRS); or
- specified electronic money products (SEMP), dealt with under the Common Reporting Standard (CRS); or
- cryptoassets
that cannot be used forpayment
or investment purposes.