Belgium’s Financial Services and Markets Authority said Thursday.The regulator said it was getting an increasing number of questions about the regulatory treatment of crypto and hoped to address the most frequently occurring gray areas, including when digital assets can be classified as securities.In jurisdictions such as the U.S., squabbles over when crypto is a security have led to court proceedings, with the Securities and Exchange Commission saying Ripple Labs should have registered its cryptocurrency XRP.The Belgian rule “is neutral as regards technology,” FSMA added, suggesting that classification as a financial instrument or security shouldn’t depend on whether an asset uses a blockchain or something more traditional.The rules, which largely mirror those set out in a July consultation, say that transferable instruments with an issuer are likely to constitute a security.