Texas Business & Commerce Code

§ 12.004 — CONTROL OF VIRTUAL CURRENCY

BC § 12.004Title 1. UNIFORM COMMERCIAL CODE · Ch. 12. VIRTUAL CURRENCY

Statute text

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(a)A person has control of a virtual currency if the following conditions are met:

(1)the virtual currency or the system in which the virtual currency is recorded, if any, gives the person:

(A)the power to derive substantially all the benefit from the virtual currency;

(B)subject to Subsection (b), the exclusive power to prevent others from deriving substantially all the benefit from the virtual currency; and

(C)subject to Subsection (b), the exclusive power to transfer control of the virtual currency to another person or cause another person to obtain control of a virtual currency that derives from the virtual currency; and

(2)the virtual currency, a record attached to or logically associated with the virtual currency, or the system in which the virtual currency is recorded, if any, enables the person to readily identify the person as having the powers specified in Subdivision (1).

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Legislative history

Added by Acts 2021, 87th Leg., R.S., Ch. 739 (H.B. 4474), Sec. 9, eff. September 1, 2021.