One line is banned. And one myth needs killing.
Banned: Anonymity-Enhanced Cryptocurrencies (privacy coins). In some jurisdictions, issuing them and all activity around them, is prohibited.
Myth: "my collectible is automatically exempt." Not true. A purely commemorative, non-transferable collectible is Exempt, but the same collectible referencing a real-world asset becomes Category 1.
Same format, different category, because the regulator reads the substance.