(a) is expressed as a unit of account or a store of economic value;

(b) either:

• is used (or is intended to be used) as a medium of exchange accepted by the public for payment for goods or services, the discharge of a debt, or for investment; or
• provides rights, eligibility or access to vote on the management, administration or governance of the affairs in connection with, or to vote on any charge of the terms of any arrangement applicable to, any cryptographically secured digital representation of value; and

This definition is wide enough to include the majority of cryptocurrencies now available on the market, such as stablecoins, utility tokens, and governance tokens.

However, as they won’t be a “unit of account” or a “store of economic value,” non-fungible tokens (NFTs) that are really digital, non-interchangeable, and non-fractional representations of rights over arts and collectibles are very unlikely to be regarded as VAs.