Is preferably an ARPG (like Diablo 3 and Path of Exile) or has its combat based on tactical decisions and micromanagement (like Atlantica Online, Final Fantasy Tactics and Heroes of Might and Magic).
Has a crafting system.
Has some flexibility in regards to the skill/talent/perk points, in that you're not exactly trapped to the choices you make. The game should allow you to play the character you've made in different ways and it should not punish you for bad decisions in skill/talent/perk points allocation.
Has a good market system that allows buying from and selling to other players, preferably one that is centralized, like what Diablo 3, Atlantica Online and Aion have. You put your item up for sale, log off and don't worry about advertising it or setting up a face-to-face trade.
Has a decent player base or is a new game with a bright future.
Can be free or paid to play. But it must not be "pay to win". What you buy with real money must not give you power in the game (pretty much what League of Legends and DOTA2 do; you can only buy skins with cash). Monthly fee is fine.
Pay2Win by your definition is pretty much in every F2P action MMORPG. You will always have an advantage when paying. And there aren't really any P2P action MMORPGs anymore now that even Tera went F2P. Though I guess Tera still would be one of the top recommendations.
Dragon Nest and RaiderZ also come to mind when reading your requests.
Guild Wars 2 is B2P and somewhat actiony.
Blade & Soul is upcoming and said to be P2P, but not sure how long that'll last.
i wud also suggest tera but im not so sure about tera's "bright future". i think it can have one, but i suspect it wont quite be the same game.
Be warned - I am a major player of Regnum Online the mmo. I've been playing it for about 2 years and rarely go without logging in at least once a day. You can also look at good alternatives to Regnum such ase Aion online and Aika Online.