Different regulatory agencies have varying classifications for digital assets based on their respective areas of oversight. For example, the Securities and Exchange Commission may categorize some digital assets as securities, while the Financial Crimes Enforcement Network may treat companies that handle digital assets as “money transmitters.”
In Hong Kong, there has been a recent property ruling as the city-state aims to revitalize its image as a digital assets hub. Clara Chan, the executive director of Hong Kong’s central bank, mentioned during the region’s Web3 Festival conference that they do not intend to stifle financial innovation, but rather level the playing field among participants to unlock the potential of the industry. She expressed anticipation in utilizing Web3 for positive impact.
