A fund manager in Santiago wants to open one of its vehicles to European investors. A developer with a building in Las Condes is looking for financing outside the banking circuit. Chile passed its Fintec Law in 2023 and regulated crypto-asset services before almost the entire region. But regulating services is not regulating issuances: to tokenize shares or debt with a public offering, the Chilean framework still does not offer its own path. This guide explains what Law 21.521 allows, where it ends, and when it is advisable to issue from Spain to raise European capital.
What the Chilean framework allows today (and what it does not)
Law 21.521, known as the Fintec Law, was published on January 4, 2023, and assigned its supervision to the Comisión para el Mercado Financiero, the CMF (Law 21.521).
Its central piece is the Registry of Financial Service Providers. Anyone professionally providing services such as crowdfunding platforms, alternative trading systems, custody or intermediation of financial instruments, order routing or investment advice must register in it. Several of these services also require prior authorization from the CMF (Law 21.521).
The crypto detail matters. The law defines financial instrument broadly and includes virtual financial assets or crypto-assets. A crypto-asset enters the CMF's perimeter when any of the regulated services are provided on it (Law 21.521). The rule that implements the registry is NCG 502, from January 2024, which opened the registry and set registration deadlines for those already operating (CMF, fintec portal).
What the law does not create is a tokenized issuance route. The public offering of securities remains in Law 18.045 and in the CMF's Securities Registry, without a figure that allows that registry to be kept on blockchain. An asset manager finds regulated services around crypto-assets; an issuer that wants to tokenize shares or debt for a public offering still does not have its own slot.
The decision this leaves: if the plan is a security token aimed at European investors, the Chilean framework regulates the environment, but the issuance must be resolved in another jurisdiction.
The European route: issuing from Spain
Spain recognizes financial instruments registered in systems based on distributed ledger technology. Its Ley 6/2023 requires that annotation to be kept by an ERIR, the entity responsible for registration and record-keeping, something like the digital notary of the issuance (Ley 6/2023, art. 8).
The figure is developed in Real Decreto 814/2023 and already operates: the CNMV authorized URSUS-3 Capital, A.V. as the first ERIR in November 2024 (RD 814/2023). The details are in our guide on what an ERIR is.
Access to the European investor works in two tiers. Up to 12 million euros in 12 months, the offering can be exempt from a prospectus; each Member State can lower that threshold to 5 million. Above that, a prospectus approved by the CNMV is passported to the 27 EU countries without new approvals (Regulation (EU) 2017/1129, arts. 24-25, amended by the Listing Act, applicable from 5 Jun 2026). The full mechanism is in the guide to the European prospectus passport.
A nuance that is familiar in Chile: MiCA does not apply to security tokens. Just as Law 21.521 distinguishes between crypto-assets and securities under Law 18.045, European law subjects a token with equity or bond rights to MiFID II, not MiCA (Regulation (EU) 2023/1114, art. 2.4).
Three Chilean profiles where it fits
- Fund manager. A Spanish vehicle issues tokenized units that replicate the Chilean manager's strategy and are offered to European investors. The approach, in tokenization for funds and managers.
- Mining and energy. Capital-intensive projects structure tokenized debt in euros for European co-investors, with the asset operating in Chile. More in tokenization for energy projects.
- Santiago real estate. A building in Las Condes or Providencia is financed with a Spanish vehicle that channels European investment to the project's Chilean company.
The pattern repeats: the asset and its operation stay in Chile. The issuance, its registration and the offering regime move to Spain.
Chilean framework vs. European route
| Criterion | Chilean framework | European route from Spain |
|---|---|---|
| Legal figure for tokenized securities | Does not exist: Ley 18.045 does not provide for registration on blockchain | Recognized: Ley 6/2023 (art. 8) with ERIR under RD 814/2023 |
| Supervisor | CMF | CNMV |
| Crypto-assets | Financial instrument for the purposes of the services of Ley 21.521 | Security tokens under MiFID II; MiCA only for cryptoassets that are not securities |
| Applicable registry | Registry of Financial Service Providers: covers services, not issuances | The ERIR registers the issuance and its holders |
| Access for the European investor | No passport: you would have to comply country by country | CNMV prospectus passportable to the 27; exemption under the Listing Act threshold |
The comparison leaves a simple criterion: Ley 21.521 resolves who provides services; the Spanish route resolves how it is issued and to whom.
The process from Chile, step by step
- Diagnosis. What asset is tokenized, what amount is sought and which European investor fits. From here comes the structure: shares, bonds or another formula.
- Spanish vehicle. Incorporation of a company in Spain. It is generally handled remotely, with powers of attorney granted before a Chilean notary and apostilled, and with obtaining the NIF of the partners. Timelines depend on the notary and registry.
- Legal structure. A law firm defines the relationship between the Spanish vehicle and the Chilean company that holds the asset, and the information package the investor will receive.
- Registration and issuance. The ERIR registers the issuance and the platform deploys the token and the register book.
- Fundraising. Under exemption or with a passported CNMV prospectus, always with identification and anti-money laundering checks on each investor.
HokenFi is the technology platform that coordinates that circuit with regulated partners. It is not an entity authorized by the CNMV nor is it registered with the CMF; the regulated segment is covered by the ERIR and the advisors for each issuance. The complete map for the region is in the tokenization hub for Latin American issuers.
Ley Fintec regulated the services; you can handle tokenized issuance from Spain. Take the issuance diagnosis (2 min) or request a proposal. If you prefer to start by reading, download the 2026 guide.
This content is informative and educational. It does not constitute legal, tax or investment advice. Verify the current version of each regulation in LeyChile, the BOE and EUR-Lex.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
Frequently asked questions
Does Chile's Fintech Law allow issuing security tokens?
Not directly. Ley 21.521 regulates services: crowdfunding platforms, alternative trading systems, custody and intermediation of financial instruments, among others. It includes cryptoassets in the definition of financial instrument, but the public offering of securities remains under Ley 18.045, which does not provide for registering issuances on blockchain.
What is the CMF Registry of Financial Service Providers?
It is the registry created by Ley 21.521 for those who provide fintech services professionally in Chile. Registration is governed by CMF Norma de Carácter General 502, of January 2024, and several services also require prior authorization. It is a registry of service providers, not a route for issuing tokenized securities.
How does a Chilean asset manager attract European investors with a tokenized vehicle?
By incorporating a vehicle in Spain that issues tokenized units or bonds. The issuance is registered with an ERIR under Ley 6/2023 and RD 814/2023. With a prospectus approved by the CNMV, the offering is passported to the 27 EU countries; below the Listing Act threshold, it can operate without a prospectus.
