5 Del. C. § 2333: Definitions [For application of this section, see 85 Del. Laws, c. 338, § 3].

As used in this subchapter:

(1) “Control” means the power to execute unilaterally, or prevent indefinitely, a virtual currency transaction.

(2) “Control of virtual currency,” when used in reference to a transaction or relationship involving virtual currency, means the power to execute unilaterally or prevent indefinitely a virtual currency transaction. Control does not mean a person who retains the ability to terminate, suspend, or interrupt a virtual-currency transaction or similar action to prevent an unauthorized or fraudulent activity.

(3) “Exchange,” used as a verb, means to assume control of virtual currency from or on behalf of a person, at least momentarily, to sell, trade, or convert any of the following:

a. Virtual currency for money, bank credit, or 1 or more forms of virtual currency.

b. Money or bank credit for 1 or more forms of virtual currency.

(4) “Transfer” means to assume control of virtual currency from or on behalf of a person and to do any of the following:

a. Credit the virtual currency to the account of another person.

b. Move the virtual currency from 1 account of a person to another account of the same person.

c. Relinquish control of virtual currency to another person.

(5) “U.S. dollar equivalent of virtual currency” means the equivalent value of a particular virtual currency in United States dollars shown on a virtual-currency exchange based in the United States for a particular date or period specified in this subchapter.

(6) a. “Virtual currency” means a digital representation of value that is all of the following:

1. Used as a medium of exchange, unit of account, or store of value.

2. Is not money, whether or not denominated in money.

b. “Virtual currency” does not include any of the following:

1. A transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for money or bank credit and that primarily relates to such affinity or rewards program.

2. A digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.

3. A digital representation of value that has value, utility, or significance beyond its mere existence as a digital asset, and that is not traded in such a manner or form that it should be considered a virtual currency, such as a mass-minted series of items with substantially similar or nearly identical traits that are marketed or sold interchangeably and that are primarily speculative in nature, including the digital equivalent of a tangible or intangible good such as any of the following:

A. A work of art, a musical composition, a literary work, or other intellectual property.

B. Collectibles, merchandise, virtual land, and in-game or in-application assets.

C. Affinity, rewards, or loyalty points, including airline miles or credit card points.

D. Rights, licenses, and tickets.

E. Any other digital representation of value that the Commissioner, by rule or regulation, determines has value, utility, or significance beyond its mere existence as a digital representation of value, including the digital equivalent of a tangible or intangible good.

The Commissioner, by rule or regulation, may determine whether such a digital representation of value under this paragraph (6)b.3. is traded in such a manner or form that it should be considered a virtual currency.

4. A digital representation of value that is not marketed, used, promoted, offered, or sold for investment or speculation. The Commissioner may adopt rules to clarify the scope and applicability of this paragraph (6)b.4.

(7) “Virtual-currency administration” means issuing virtual currency with the authority to redeem the currency for money, bank credit, or other virtual currency.

(8) a. “Virtual-currency business activity” means any of the following:

1. Exchanging, transferring, or storing virtual currency as part of a business or on behalf of a customer who has entered into an agreement with a business for the provision of such services.

2. Holding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals.

b. “Virtual-currency business activity” does not include any of the following:

1. Peer-to-peer exchanges or transfers of virtual currency.

2. Software facilitating peer-to-peer exchanges or transfers that are intended to automatically execute, control, or document events and actions.

3. The development, publication, constitution, administration, maintenance, and dissemination of software in and of itself.

(9) “Virtual-currency control-services vendor” means a person that has control of virtual currency solely under an agreement with a person that, on behalf of another person, assumes control of virtual currency.