The summary.
CLASSIFICATION DEPENDS ON CHARACTERISTICS AND HOW SOMETHING IS OFFERED, NOT WHAT IT IS CALLED
Calling a token a utility does not determine its treatment, and regulators increasingly assess substance.
THE LOCAL POSITION HAS BEEN REVISED MORE THAN ONCE AND CONTINUES TO DEVELOP
Verify it directly with the authorities or through counsel before relying on anything written, including this.
NEVER ASSUME OPERATING ONLINE PLACES YOU OUTSIDE REGULATION
Establish which regulated activity you are conducting, before building. Discovering it afterwards has ended businesses.
PSEUDONYMITY IS NOT ANONYMITY
Public ledgers are permanently analysable, and one linked address exposes connected activity. Analysis improves over time, so today's privacy does not persist.
EXCHANGING ONE ASSET FOR ANOTHER MAY BE A TAXABLE DISPOSAL
Even with no ordinary currency involved. Record the value at the time of every transaction, and label transfers between your own wallets, or they appear as disposals.
BANKING TERMS MAY RESTRICT THIS ACTIVITY REGARDLESS OF ITS LEGALITY
Accounts have been restricted for it.
