The first three categories are clearly non-securities, stablecoins are conditional, and the fifth category is securities. This draws a clear "safe zone" for the market.



The biggest highlight of this document is the first-ever proposal of a five-category digital asset classification framework (Token Taxonomy):

Digital Commodities (数字商品)
Digital Collectibles (数字收藏品)
Digital Tools (数字工具)
Stablecoins (稳定币)
Digital Securities (数字证券)
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