7-29 - Digital Asset and Blockchain Technology

Title 7 > 7-29

Sections (4)

General Provisions

7-29-101 - Definitions.

(1) “Blockchain protocol” means any executable software deployed to enable the transfer of data and electronic records through a distributed network of nodes, including an additional standardized set of rules that uses a previously existing blockchain as a base.

(2) “Digital asset” means:virtual currency;cryptocurrency;natively electronic assets, including:stablecoins; andnon-fungible tokens; orother digital-only assets that confer economic, proprietary, or access rights or powers.

(3) “Hardware wallet” means a physical device that:is not continuously connected to the Internet;allows an individual to secure and transfer digital assets; andenables the owner of digital assets to retain independent control over the digital assets.

Enacted by Chapter 228, 2025 General Session

7-29-102 - Permitted uses of digital assets.

(1) accept digital assets as a method of payment for legal goods and services; or

(2) take custody of digital assets using:a self-hosted wallet; ora hardware wallet.

Enacted by Chapter 228, 2025 General Session

7-29-103 - Access to blockchain protocols and transfer of digital assets.

(1) operate a node for the purpose of:connecting to a blockchain protocol; andparticipating in the blockchain protocol’s operations;

(2) develop software on a blockchain protocol;

(3) transfer digital assets to another individual or business utilizing a blockchain protocol; or

(4) participate in staking on a blockchain protocol.

Enacted by Chapter 228, 2025 General Session

7-29-104 - Exemption from money transmission license.

(1) operating one or more nodes on a blockchain protocol;

(2) developing software on a blockchain protocol; or

(3) operating a business or decentralized protocol that:effectuates the exchange of one digital asset for another digital asset; anddoes not exchange digital assets for legal tender or bank deposits.

Enacted by Chapter 228, 2025 General Session