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Digital asset trading is the buying, selling or exchanging of digitally represented assets through an intermediary platform or a protocol-based marketplace. The phrase describes an activity, not a single type of asset or a universal legal category: rules and responsibilities depend on the asset, the service and the jurisdiction.
What counts as a digital asset?
In a May 15, 2025 staff FAQ, the SEC’s Division of Trading and Markets describes crypto assets, for purposes of that FAQ, as assets generated, issued or transferred using blockchain or similar distributed ledger technology and relying on cryptographic protocols. The SEC states that these answers are staff views, not a rule, regulation or statement of the Commission, and says the FAQ may be updated: SEC staff FAQ.
“Digital asset” is also used in other contexts. For example, the IRS discusses digital assets when explaining tax-broker and reporting rules; that tax usage does not establish one universal legal definition for every asset or transaction. The applicable classification can turn on what an asset represents, what activity is taking place and which jurisdiction’s rules apply. See the IRS Internal Revenue Bulletin 2023-38.
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How digital asset trading takes place
Intermediary platforms
A business or platform may provide access to buying and selling assets. Some services also hold customer assets, while others may not. The IRS discusses platforms and other potential brokers in the specific context of tax reporting and transactions effected on behalf of customers; that discussion should not be read as a blanket statement about the legal status or services of every platform.
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- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
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Decentralized marketplaces
In its analysis of crypto-asset market structures, the European Securities and Markets Authority describes a decentralized exchange as a marketplace where users can trade directly without a central authority or intermediary. “Decentralized” describes the market arrangement; by itself, it does not establish that a service is risk-free, anonymous or outside the law. See ESMA’s April 10, 2024 market-structures analysis.
Trading and custody are different questions
A venue may facilitate a trade and also hold customer assets, but execution and custody are not the same service. Depending on the arrangement, a user, a business or a protocol may control the assets or the keys used to access them. When assessing how a service works, check who controls assets and keys, whether customer assets are held by the service, and what processes apply to withdrawals and transaction approvals.
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Those controls matter in practice. In an August 15, 2025 announcement about a targeted review of licensed virtual asset trading platforms in Hong Kong, the Securities and Futures Commission described concerns including compromised third-party wallet solutions, insufficient transaction verification and inadequate access controls over approval devices. These were findings reported by the SFC in that review, not a claim that every platform has the same weaknesses. The SFC’s announcement on custody standards quotes Executive Director of Intermediaries Dr Eric Yip as saying that client asset protection must remain a priority for licensed Hong Kong platforms.
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A definition does not tell you whether a particular venue is suitable or available to you. To understand a service, compare the details that shape its operation:
Quick Recap
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- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
- Jurisdiction and regulatory status: Identify where the service operates and what status or obligations apply there.
- Market structure: Determine whether a business intermediates transactions or the service uses a protocol-based marketplace.
- Custody and control: Check who holds or controls customer assets and keys, and how withdrawals and transaction approvals work.
- Assets and transactions: Verify which assets and transaction types the specific venue supports.
- Fees and execution terms: Consult the venue’s current terms; these vary by provider and are not established by the general definitions above.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
