If you determine that your cryptoasset is a security token, then it will be captured withinour regulatory perimeter as a specified investment, and possibly a MiFID financialinstrument. This means that certain activities associated with the cryptoasset arelikely to be regulated and you will require authorisation and the relevant permissions.For example, relevant regulation may apply to exchanges and trading platforms,advisers and intermediaries, and wallet providers and custodians amongst others.The issuance of securities is not regulated in the way that exchanges and advisers areregulated, however certain regulation may still apply, like the Prospectus Directiveand Financial Promotions requirements. For a complete overview of which regulatedactivities apply to market participants dealing with specified investments, please referto PERG 2.7.