Cryptocurrencies are proving a tough classification nut to crack

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. Which of these answers best describes a cryptocurrency?

  2. Why is it crucial to categorise cryptocurrency properly?

  3. Why is the old definition of commodities no longer useful?

  4. What is a token?

  5. What is the Howey test?

  6. When is an asset classed as a security?

  7. Why might categorisation not work in practice?

  8. Why might regulation be a bad idea?

  9. What does the IRS treat virtual currency as?

  10. Which countries are likely to see the best result in blockchain innovation and adoption?