Arizona Revised Statutes Title 43. Taxation of Income § 43-1028. Sale of virtual currency or non-fungible tokens; calculation of gain or loss; gas fees; subtraction; definitions

1. “Foreign currency” means the coin and paper money of a country other than the United States that is designated as legal tender, circulates and is customarily used and accepted as a medium of exchange in the country of issuance.

2. “Gas fee” means a fee paid to the operator of a virtual network for the use of the network to facilitate the purchase, sale or exchange of virtual currency or a non-fungible token.

3. “Non-fungible token” means a non-fungible cryptographic asset on a blockchain that possesses unique identifiers or other metadata that distinguishes the asset from another token or asset in a manner that makes the asset irreplaceable and nonexchangeable for a similar token or asset.

4. “Virtual currency” means a digital representation of value that functions as a medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency.