# Legality of crypto assets
Crypto assets are unlicensed [security](../concepts/security.md) contracts for unregulated [speculative](../concepts/speculation.md) investments. The legality of this depends on jurisdiction. 

## References
* [@hacker_crypto-securities_2018]
* [@azgad-tromer_crypto_2018]
* [@ivaniuk_cryptocurrency_2020]
* [@rae_crypto_2019]