An agro-exporter from Guayaquil invoices bananas in euros and finances its working capital with expensive bank lines and growing guarantees. It wants to open its financing to private investors with a tokenized instrument and encounters the central fact of this market: Ecuador still does not have a specific framework for tokenized securities. This guide explains what Ecuadorian law really regulates, what remains unregulated and when the European route through Spain solves the problem.
If you are going to issue in Ecuador, in issuing tokenized shares in Ecuador you have the three routes, who maintains the register and how the issuance with HokenFi is prepared.
What framework exists today in Ecuador
The reference is the Organic Law for the Development, Regulation and Control of Technological Financial Services, known as the Fintech Law, published in the Official Gazette in December 2022. It regulates fintech activities in the financial, securities and insurance markets, with financial inclusion and innovation as declared objectives (Fintech Law, National Assembly).
Supervision is divided by competences among the Superintendency of Banks, the Superintendency of Companies, Securities and Insurance (SCVS), the Superintendency of Popular and Solidarity Economy and the Central Bank of Ecuador. The regulation boards define which technological activities are considered high risk.
What the Fintech Law does not create is a regime for tokenized securities. There is no figure equivalent to the Spanish ERIR nor a procedure to register shares or debt represented on a distributed ledger. If a token incorporates rights of a security, the issuance falls under the general securities market regulations under SCVS supervision, designed for traditional securities; as of the date of this guide, there is no specific regime for tokenized securities.
With crypto-assets the official position is stable on one point: they are not legal tender or an authorized means of payment. The dollar is the only official currency and means of payment are authorized by the Central Bank (Organic Monetary and Financial Code). Holding and exchanging between individuals are not prohibited, and since 2024 virtual asset service providers have anti-money laundering obligations with the UAFE.
Key point: in Ecuador today you cannot rely on a local tokenization regime, because it does not exist. The operational question is which foreign regime your company can access without moving.
Dollarization changes the calculation
Ecuador has operated in dollars since 2000. For an issuer this simplifies part of the problem: its accounting, its income and a possible raise in dollars share a currency, with no currency risk of its own involved.
With European investors the natural raise is in euros. The euro-dollar exchange rate becomes a variable of the issuance design, not a regulatory obstacle. An exporter with receipts in euros can align debt and income in the same currency; one with income only in dollars must decide who assumes the difference.
Key point: treat currency as a design decision. Define in which currency you generate income and in which you want to take on debt before choosing structure, not after.
When the European route makes sense from Ecuador
Without a local framework, the realistic alternative to tokenize shares or debt with legal certainty is to issue from a jurisdiction that already regulates it. Spain has done so since 2023: tokenized securities are financial instruments and their registration is handled by an ERIR, the "digital notary" of the tokenized securities registry, required by Ley 6/2023 and developed in RD 814/2023 (Ley 6/2023; RD 814/2023). The first ERIR authorized by the CNMV was URSUS-3 Capital, A.V., in November 2024.
The scheme for an Ecuadorian issuer: a Spanish company in the group issues the token and the operating company in Ecuador remains as debtor or as holder of the asset, depending on the structure. With a prospectus approved by the CNMV, the offer is passported across the entire EU (Regulation (EU) 2017/1129, arts. 24-25). Below 12 million euros in 12 months, the prospectus exemption in force since June 2026 applies, with each State able to lower it to 5 million (Regulation (EU) 2024/2809). Full workings are in the guide to the European prospectus passport.
Three Ecuadorian profiles fit naturally. Agro-exporters of banana, shrimp or cocoa with euro receipts who want debt in their invoicing currency. Real estate developers in Quito, Guayaquil or Cuenca looking for capital outside the local banking circuit. And family businesses that want to bring investors into a specific project without giving up corporate control of the parent company.
Criterion: the European route works when the target investor is in Europe. It does not replace a local public offering nor does it allow raising from the Ecuadorian public without complying with Ecuadorian securities regulations.
Ecuadorian framework and European route, side by side
| Criterion | Ecuador | European route (Spain) |
|---|---|---|
| Tokenized securities regime | Does not exist; the general securities market regulations would apply | Yes: Ley 6/2023 and RD 814/2023 |
| Fintech reference regulation | Ley Fintech (Official Register, Dec 2022) | MiFID II and Regulation (EU) 2017/1129 |
| Securities market supervisor | SCVS | CNMV |
| Token ownership register | No provision contemplated | ERIR authorized by the CNMV |
| Investors reached | Ecuadorian market, with traditional public offering | Entire EU, with prospectus passport or exemptions |
| Currency | US dollar | Euro |
Process from Ecuador, step by step
- Define instrument and target investor. Debt or equity, amount, and whether the investor is in Europe or Ecuador. Everything else depends on that answer.
- Design the structure. The Spanish vehicle issues; the Ecuadorian company is linked as debtor, guarantor or holder of the asset. Tax treatment in both countries is reviewed by advisors in each jurisdiction.
- Incorporate the Spanish vehicle. Incorporation is largely managed remotely, with notarized powers of attorney apostilled from Ecuador. Timelines depend on the notary, registry and obtaining the NIF.
- Prepare the offering documentation. Prospectus before the CNMV or exemption documentation depending on amount. The full procedure is in how to issue a security token in Spain.
- Engage the ERIR and execute. Registration of the issuance, onboarding investors with KYC and distribution of the tokens against the ownership register.
HokenFi is the technology platform that supports the issuance and life cycle of the token. It is not an entity authorized by the CNMV nor is it registered with the Ecuadorian superintendencies; the regulated circuit is covered by the ERIR and the advisors of each transaction. The full fit for issuers in the region is in tokenization for Latin American issuers.
Do you issue from Ecuador and seek European investors? Take the issuance diagnostic (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. Check the current version of each regulation in the BOE and on 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
Is there an asset tokenization law in Ecuador?
There is no specific regime. The 2022 Fintech Law regulates technology-based financial services in the financial, securities and insurance markets, but it does not create a procedure for issuing tokenized securities or a registration figure like the Spanish ERIR. If a token incorporates rights of a security, the general securities market regulations apply under SCVS supervision.
Can an Ecuadorian company receive or make payments in cryptocurrencies?
Not as an authorized means of payment. The dollar is the only legal tender currency and payment methods are authorized by the Central Bank of Ecuador, according to the Organic Monetary and Financial Code. Holding and exchanging between private parties are not prohibited, and virtual asset service providers have anti-money laundering obligations before the UAFE since 2024.
How does an Ecuadorian issuer access European investors with a security token?
Through an issuing vehicle in Spain. The token is treated as a financial instrument, an ERIR keeps the register of ownership and the offering uses a prospectus passported across the entire EU or the exemption of up to 12 million euros in 12 months. The Ecuadorian company is linked to the vehicle as debtor, guarantor or holder of the asset depending on the chosen structure.
