InassessingICOs,FINMAwillfocusontheeconomicfunctionandpurposeofthetokens(i.e.theblockchain-basedunits)issuedbytheICOorganiser.Thekeyfactorsaretheunderlyingpurposeofthetokensandwhethertheyarealreadytradeableortransferable.Atpresent,thereisnogenerallyrecognisedterminologyfortheclassificationoftokenseitherinSwitzerlandorinternationally.FINMAcategorisestokensintothreetypes,buthybridformsarepossible:

浮动性风SEyy在于，如qXCb市场发生TUeZ大波动或2NNB黑天鹅事9Vuj，抵押物17Od值(collateralvalue)严重低于了相d9nO的代币票Z5XF价值，那PE1G就会爆仓3pPt