Digital assets have steadily evolved since the emergence of Bitcoin. The initial appearance of Bitcoin demonstrated the possibility of a digital currency without a central authority, leading to the creation of various altcoins. These altcoins aimed to address Bitcoin’s limitations and expand its functionalities. Dogecoin, tied to meme culture, showcased a case of communitydriven value creation, while corporate-led “semi-decentralized” coins like Ripple opened new avenues for the use of digital assets. The arrival of Ethereum’s smart contract platform marked a qualitative turning point in the digital asset ecosystem, and the ICO boom brought numerous projects into the market. Later, exchange-issued tokens also emerged, though the FTX incident spotlighted their associated risks. Recent technological trends―such as highperformance blockchains like Solana, Ethereum Layer 2 solutions, and zero-knowledge proofs ―have been tackling scalability and privacy challenges. Meanwhile, the rise of NFTs extended the use cases of digital assets from finance into art and entertainment. From a regulatory perspective, countries have approached digital assets in diverse ways. Early guidelines by the U.S. FinCEN, New York’s BitLicense, and the introduction of Bitcoin futures trading provided a stepping stone into mainstream finance. In contrast, China imposed strict regulations on ICOs and mining. After 2020, corporate and institutional participation in digital assets expanded, with El Salvador’s adoption of Bitcoin as legal tender, the EU’s MiCA legislation, and the U.S. approval of a Bitcoin spot ETF representing pivotal moments in integrating digital assets into the established financial system.