Why are privatised bitAssets being treated as user-issued assets (UIAs) rather than market-issued-assets (MIAs)? I am confused on what delineates the two - is there a definition?
It seems to be that privatised bitAssets are not actually being issued by a user, and outcomes are not subject to the ongoing performance of the person setting it up. Like MIAs, somebody is merely establishing the software rules under which different parties can interact with each other in a decentralised fashion. Why aren't these just a privatised form of MIA?
I guess there might be pragmatic reasons to do it this way. But I'm wondering how it might look legally (at least on the surface) if, by name at least, we infer these tokens are being issued by a particular party.