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Cryptocurrurrency exchange operators including Coinbase, Kraken and Circle have teamed up to create a system that rates digital tokens on how close they are to securities.

Aside from Coinbase, Kraken and Circle, founding members of the council also include Anchorage, Bittrex, DRW Cumberland, Genesis and Grayscale Investments.

The system addresses a key point of uncertainty that has dogged the cryptocurrency industry for some time — that is, whether digital assets like bitcoin can be counted as securities and subject to the regulations that come with that classification.

At the height of the late 2017 cryptocurrency boom, so-called initial coin offerings were receiving huge attention from retail investors — with some getting burned along the way .