In this article, the author examines why regulatory clarity in relation to digital assets cannot be achieved through classification alone. She argues that whether a digital asset functions as property or as a claim depends on legal structure, including control, transfer mechanics, custody and insolvency treatment, rather than on technological labels or market descriptions. By distinguishing asset-level characteristics from the separate questions of how intermediaries hold and administer digital assets in practice, the article highlights the implications for collateral regimes, regulatory perimeter design and private law accountability.
4 MAY 2026