Investment achs Management 7 9 sa Mt . * * Cryptocurrencies’ Legal and Regulatory Status Remains Uncertain _ Division Illustrative Country Acceptance of Cryptocurrencies’ Status Key Regulator Cryptocurrencies' Switzerland ® Assets, not Securities = FINMA Singapore ® Assets, not Securities " Monetary Authority of Singapore Japan @ Recognized as legal tender (Bitcoin only) « Financial Services Agency United Kingdom @ Private Currency « Financial Conduct Authority - Commodities, potentially securities " SEC United States (SEC has not yet made determination) "= CFTC © - IRS treats as property for tax purposes * OCC (Exchanges, however, are not required to » 50 States create 1099s). Russia @ Financial instruments, not currency «" Central Bank of Russia «" Russian Finance Ministry China O Non-monetary digital asset " People’s Bank of China « The cryptocurrency world operates across geographic and jurisdictional borders, creating ambiguity as to its legal status. = Individual countries have taken differing views on cryptocurrencies. (1) Data according to Autonomous NEXT #Token Mania (July 2017) Source: Investment Strategy Group, Cryptocompare.com. 22 HOUSE_OVERSIGHT_025685