                                 CODE OF VIRGINIA

CONTROL OF ELECTRONIC MONEY (§ 8.9A-105.1)

a. General rule: control of electronic money. A person has control of electronic
money if:

   1. the electronic money, a record attached to or logically associated with the
   electronic money, or a system in which the electronic money is recorded gives
   the person:

A. power to avail itself of substantially all the benefit from the electronic
money; and

B. exclusive power, subject to subsection (b), to:

i. prevent others from availing themselves of substantially all the benefit from
the electronic money; and

   ii. transfer control of the electronic money to another person or cause
   another person to obtain control of other electronic money as a result of the
   transfer of the electronic money; and

   2. the electronic money, a record attached to or logically associated with the
   electronic money, or a system in which the electronic money is recorded
   enables the person readily to identify itself in any way, including by name,
   identifying number, cryptographic key, office, or account number, as having
   the powers under paragraph (1).

b. Meaning of exclusive. Subject to subsection (c), a power is exclusive under
subsection (a)(1)(B)(i) and (ii) even if:

   1. the electronic money, a record attached to or logically associated with the
   electronic money, or a system in which the electronic money is recorded limits
   the use of the electronic money or has a protocol programmed to cause a
   change, including a transfer or loss of control; or

   2. the power is shared with another person.

c. When power not shared with another person. A power of a person is not shared
with another person under subsection (b)(2) and the person&#8217;s power is not
exclusive if:

   1. the person can exercise the power only if the power also is exercised by
   the other person; and

   2. the other person:

A. can exercise the power without exercise of the power by the person; or

B. is the transferor to the person of an interest in the electronic money.

d. Presumption of exclusivity of certain powers. If a person has the powers
specified in subsection (a)(1)(B)(i) and (ii), the powers are presumed to be
exclusive.

e. Control through another person. A person has control of electronic money if
another person, other than the transferor to the person of an interest in the
electronic money:

   1. has control of the electronic money and acknowledges that it has control on
   behalf of the person; or

   2. obtains control of the electronic money after having acknowledged that it
   will obtain control of the electronic money on behalf of the person.

HISTORY: 2024, c. 652.