If you're saying that the piece of paper represents ownership of something, then the paper is most likely a security or derivative, in which case it is already subject to regulation. A token with the same functionality as this piece of paper would be regulated, and vice versa...
Pretty much anything that can be bought and sold is an asset. Yes, that includes notebooks and paper.
They both represent either computation-time or file-storage-and-bandwidth time.
Ethereum could easily represent time on a distributed AWS Lambda. And FileCoin can represent an AWS S3 storage.
It just so happens that they both are also cryptocoin.
It gets even uglier that the turning-like machine in Ethereum/Solidity also exists, kind of, in Bitcoin. In fact it was because it worked in Bitcoin they developed Ethereum. So technically even Bitcoin can do processing work. Makes everything a bit murkier to be honest.
These aren't new concepts. People have been trying to get around regulation for thousands of years.
So now just imagine a token that has the same functionality.
You receive a token, it's made of paper like the notebook but does something useful.
Should that token, the piece of paper be regulated? Lol yes, it's now money! And all other assets or securities are regulated.