For example, the Abu Dhabi Global Market (ADGM) has provided clear guidance for classification and treatment of various digital assets, clearly distinguishing between “virtual assets” like Ethereum and Bitcoin, “digital securities” and other tokens which provide different types of utility. Like the ADGM, VARA has defined digital assets with specificity, though opting for a more expansive taxonomy – defining “virtual assets” as “any digital representation of value that may be digitally traded, transferred, or used as an exchange or payment tool, or for investment purposes,” with VARA reserving the right to police the bounds of that definition at its discretion.
