Utah Admin. Code R25-25-2 - Definitions
Terms used in this rule are defined in Subsection 63A-3-112(1)
In addition:
(1)
"Blockchain " means underlying technology used by nearly all cryptocurrencies. A
blockchain is a complete ledger of transactions held simultaneously by multiple
nodes on a network.
(2) "Virtual
currency " means a digital representation of value only available in electronic
form. Transactions involving virtual currencies occur through secure, dedicated
networks or over the Internet.
(3)
"Cryptocurrency " means a digital asset that can be used as a store of value or
a medium of exchange for goods and services. Transactions are verified and
recorded using cryptography by a distributed network of participants, rather
than a centralized authority such as a bank or government agency .
(4) "Wallet " means a software program or
physical device that allows a user to store virtual currency and send or
receive cryptocurrency transactions.
(5) "Fiat Currency " means a government-issued
currency that is not backed by a commodity such as gold. In the United States,
it is the U.S. dollar.
(6) "Agency "
means the same as defined in Section
63A-1-103.
(7) "SOC1 Type 2 Report " is a report on
management's description of a service organization's system and the suitability
of the design and operating effectiveness of controls.
(8) "SOC2 Type 2 Report " means a report on
how a cloud-based service provider handles sensitive information. It covers
both the suitability of a company's controls and its operating
effectiveness.
Notes
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