The LMV establishes that the issue of negotiable securities falls within the scope of the law, understanding as such any right of patrimonial content, regardless of its denomination, which, due to its configuration and transmission regime, is susceptible to generalized traffic in a specific financial market. In this regard, the CNMV in its document βCNMV. (2018). Criteria in relation to ICOs.β understands that two main factors must be assessed when determining whether or not a token is tradable security: