One asset, many rulebooks
There is no single global crypto law. Each country's regulators decide independently how to treat crypto assets, exchanges, and projects, and those decisions can differ enormously. Some jurisdictions have built dedicated licensing regimes for crypto businesses, others regulate crypto activity by fitting it into existing securities or banking law, and others have taken restrictive or outright prohibitive stances toward parts of the industry. None of this is static either, a country's stance can shift significantly as new legislation passes or as regulators issue new guidance.
This creates a real and ongoing source of complexity for anyone operating globally. A project, token, or service that is fully compliant in the jurisdiction where it was built can be non-compliant, or occupy a legal gray area, the moment a user in a different country accesses it. Because crypto products are typically available over the internet to anyone, this isn't a theoretical edge case, it's a routine operating condition for the industry.