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2025 Utah Code
Title 13 - Commerce and Trade
Chapter 62 - Digital Asset Management Act
Part 1 - General Provisions
Section 101 - Definitions.

Universal Citation:
UT Code § 13-62-101 (2025)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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Effective 5/1/2024
13-62-101. Definitions.
As used in this chapter:
  • (1)"Agent" means a person who is authorized to act on behalf of an owner with respect to a digital asset.
  • (2)"Control" means:
    • (a)an owner or an agent has the exclusive legal authority to conduct a transaction relating to the digital asset, including by means of a private key or the use of a multi-signature arrangement the owner or agent authorizes; or
    • (b)a secured party has created a smart contract that gives the secured party exclusive legal authority to conduct a transaction relating to a digital security.
  • (3)
    • (a)"Digital asset" means a representation of economic, proprietary, or access rights that is stored in a computer readable format.
    • (b)"Digital asset" includes:
      • (i)a digital user asset; or
      • (ii)a digital security.
  • (4)"Digital security" means a digital asset that constitutes a security, as that term is defined in Section 70A-8-101.
  • (5)
    • (a)"Digital user asset" means a digital asset that is used or bought primarily for consumptive, personal, or household purposes.
    • (b)"Digital user asset" includes an open blockchain token.
    • (c)"Digital user asset" does not include a digital security.
  • (6)"Multi-signature arrangement" means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the digital asset, in which two or more private keys are required to conduct a transaction.
  • (7)"Private key" means a unique element of cryptographic data that is:
    • (a)held by a person;
    • (b)paired with a public key; and
    • (c)used to digitally sign a transaction.
  • (8)"Public key" means a unique element of cryptographic data that:
    • (a)is publicly available;
    • (b)is paired with a private key that is held by the owner of the public key; and
    • (c)allows viewing, but not digitally signing, electronic transactions.
  • (9)"Smart contract" means a transaction that is comprised of code, script, or programming language that executes the terms of an agreement, and which may include taking custody of and transferring a digital asset, or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions.


Amended by Chapter 324, 2024 General Session
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