Missouri officials treat sports event contracts offered by Crypto.com and Novig as unlicensed sports wagering, requiring state licensing with application fees up to $500,000 and a 10% tax on adjusted gross revenue

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.