This category includes digital assets that, under prevailing legal and regulatory interpretations, do not meet the criteria to be classified as securities. Examples often include certain cryptocurrencies primarily used as a medium of exchange or utility tokens providing access to a specific network or service. Their classification determines the applicable regulatory regime.
Context
The distinction between security and non-security digital assets is a central regulatory challenge, influencing how these assets are offered, traded, and supervised. Jurisdictions worldwide are grappling with establishing clear tests and guidelines, which directly impacts market participants and innovation within the digital asset space.
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