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What is a virtual asset?
IVAX defines virtual asset as a bookkeeping entry in a user Account which documents that the user owns a specific quantity of an underlying asset which is held by the IVAX Clearinghouse as custodian.
For example: A position of 10 BTCv (virtual bitcoin) in an IVAX account reflects that the Account owner holds 10 BTC which are being held by the IVAX Clearinghouse (on the Account owner's behalf).
Think of your IVAX Account like your bank checking account. The balance on your bank statement is virtual cash. The underlying cash is held by the bank. The bank will follow your instructions on where to send the underlying cash.