(a) The technological experience, track record and reputation of the issuer and its development team;

(b) The issuer's AML/CFT and cybersecurity systems and controls;

(c) The availability of a reliable multi-signature hardware wallet solution for the asset;

(d) The protocol and the underlying infrastructure, including inter alia whether it is: (i) a separate Blockchain with a new architecture system and network or it leverages an existing Blockchain for synergies and network effects, (ii) scalable, (iii) new and/or innovative or (iv) the crypto-asset has an innovative use case or application;

(e) The relevant consensus protocol;

(f) Developments in markets in which the issuer operates;

(g) The geographic distribution of the crypto-asset and the relevant trading pairs, if any;

(h) Whether the crypto-asset has any in-built anonymization functions;

(i) Whether the crypto- asset has used or was used with any smurfing technology, mixers or has been traded or traded on any Dark-net marketplace/s;

(j) Whether the crypto-asset is or has been traded on any sidechains;

(k) Whether the crypto-asset has any inbuilt mechanism which caters for settlement failure, such as resolution mechanisms;

(l) Other crypto-asset exchanges on which the crypto-asset is traded, if any;

(m) Security: consideration of whether the specific crypto-asset is able to withstand, adapt, respond to, cyber security vulnerabilities, including size, testing, maturity, and ability to allow the appropriate safeguarding of secure private keys;

(n) Traceability/Monitoring: whether licensees are able to demonstrate the origin and destination of the specific crypto-asset, whether the crypto-asset enables the identification of counterparties to each trade, and whether transactions in the crypto-asset can be adequately monitored;

(o) Connectivity: whether there are (other) entities that support the crypto-asset; the jurisdictions of these entities and whether these entities are suitably regulated;

(p) Market demand / volatility: the sufficiency, depth and breadth of client demand, the proportion of the crypto-asset that is in free float and;

(q) Type of Distributed Ledger: whether there are issues relating to the security and/or usability of a distributed ledger technology used for the purposes of the crypto-asset; whether the crypto-asset leverages an existing distributed ledger for network and other synergies; whether this is a new distributed ledger that has been demonstrably stress tested;

(r) Innovation / efficiency: for example, whether the crypto-asset helps to solve a fundamental problem, addresses an unmet market need or creates value for network participants; and

(s) Practical application/functionality: whether the crypto-asset possesses functionalities for real world practical application which is quantifiable.