In the long run the answer to this question will be different in every jurisdiction, and probably quite arbitrary. I think the best choice is to simply hope for the best and avoid doing business in jurisdictions that decide they want to try regulating blockchain-based cash. IMO regulating bitassets as securities is the same as just banning them, since the full AML bs destroys the user experience as money - and slabbing stupid regulation on cryptocurrency will probably be a convient and often used method by regulators to de facto ban it. At the current point in time, while regulators don't even know what smart contracts are, I think it's best to just move as fast as possible and try spread blockchains, pegged assets and whatever other profitable smart contract you can create, as far as possible.