Tokenization of assets in Peru does not yet have a specific legal framework. The SMV supervises the issuance of securities through the traditional route and regulated crowdfunding covers small-amount fundraisings. To issue a tokenized security with its own regime and raise capital in euros, the Spanish route with an ERIR is today the operational route.
What framework exists today in Peru
The Peruvian capital markets regulator is the Superintendencia del Mercado de Valores (SMV), which applies the Ley del Mercado de Valores and its implementing regulations. That body of regulations does not contemplate the representation of securities through distributed ledgers: a public offering issuance is documented with traditional book-entry mechanisms, and there is no figure equivalent to the Spanish ERIR that gives a token the legal status of a transferable security.
What does exist, and has been in operation since 2021, is a complete regime for financial participatory financing (FPF). Decreto de Urgencia 013-2020 created the legal regime for crowdfunding and the SMV developed it with Resolución SMV 045-2021-SMV/02. The regulation recognizes two modalities: FPF for securities, where the recipient delivers securities representing equity or debt in exchange for the financing, and FPF for loans. Platforms must be operated by management companies authorized by the SMV, and recipients must be natural persons domiciled in Peru or legal entities incorporated in the country.
On the fintech front, the active body is the SBS, the banking and insurance supervisor. Its regulation for novel models, the Peruvian sandbox, was updated in November 2025 to admit unsupervised fintechs and startups and allow temporary tests of up to 30 months. It is an interesting gateway for experimentation, but its scope is the financial and insurance system: the SMV does not today have its own securities market sandbox focused on tokenization, although coordination between the SBS, SMV and the central bank is on the public agenda.
On cryptoassets in general, Peru has not passed a framework law. Drafts have circulated in Congress, but as of today crypto activity operates without its own statute, with anti-money laundering obligations for certain operators.
What an issuer can do without leaving Peru
| Local route | What it is for | Practical limit |
|---|---|---|
| Public offering before the SMV | Issuance of shares or debt with prospectus and traditional book-entry | Costs and timelines of a classic issuance; without tokenized representation |
| FPF (securities or loan crowdfunding) | Small-amount fundraisings through authorized platforms | Limits per recipient and per investor; only recipients domiciled or incorporated in Peru |
| Private placement | Rounds aimed at institutional investors or a restricted circle | No access to retail investors; very limited liquidity |
| Private contractual tokenization | Represent economic rights through contracts and tokens without book-entry security status | The token is not the security: it is a contractual layer that requires case-by-case analysis |
The honest reading of this table: a Peruvian issuer can raise capital today, but cannot issue a security token with full local registry recognition. The FPF handles small tickets with Peruvian investors well; classic issuance handles the rest, without a token. If the goal is a security token with legal certainty over ownership and transfer, the infrastructure must be sought elsewhere.
When the European route makes sense from Peru
Since 2023, Spain has had a specific regime for transferable securities registered in systems based on distributed ledger technology. Article 8 of Ley 6/2023 introduces the figure of the entity responsible for registration and recording (ERIR), developed by Real Decreto 814/2023. The first ERIR, Ursus-3 Capital, A.V., was authorized in November 2024, and the registry of ERIRs is public. It should be noted that MiCA does not cover these issuances: Article 2.4 excludes crypto-assets that are financial instruments, which are governed by securities regulations, with ESMA guidelines on this classification applicable from May 2025.
For a Peruvian issuer, the Spanish route is reasonable in three scenarios:
- Raising in euros. An issuance registered in Spain, usually through a Spanish vehicle company, allows targeting European investors in their own currency and under a framework they already recognize.
- Amounts the FPF cannot reach. As of June 5, 2026, with the Listing Act, the prospectus exemption reaches up to 12 million euros per issuer in 12 months, a threshold that allows structuring medium-sized issuances with reduced documentation.
- Scaling to several countries. If the transaction exceeds the exemption, a prospectus approved in Spain can be passported to the rest of the EU, something no Peruvian route offers.
We should also say what this route is not: it is neither free nor immediate. Setting up the vehicle, preparing the documentation, and coordinating the issuance with the ERIR takes weeks and has structuring costs that only pay off above a certain target amount. For a raise of tens of thousands of euros, it makes no sense; for a raise of one or several million, the comparison with a classic issuance usually comes out favorable.
The complete details of the Spanish procedure are in the guide on how to issue a security token in Spain. And if the question is regional, the hub for Latin American issuers compares the available routes country by country.
The summarized process for a Peruvian company
- Define the instrument. Debt, equity, or economic rights over a specific asset. The classification as a financial instrument and the required documentation depend on that decision.
- Choose the structure. The usual approach is to set up a Spanish vehicle company that issues the tokenized security and channels the funds to the Peruvian project, with well-drafted intra-group contracts.
- Appoint the ERIR. The entity responsible for registration and recording gives the token its status as a transferable security and maintains the register of ownership.
- Prepare the documentation. Below the exemption thresholds, a proportionate information document; above them, a prospectus approved by the CNMV with the possibility of a European passport.
- Issue and administer. Placement, investor registration with identity checks, and management of the security's life cycle: payments, communications, and corporate events.
How to decide
If the raise is local, in soles and for a small amount, the Peruvian FPF is a proven regime and there is no reason to complicate things. If the plan involves European investors, medium-sized amounts, or a tokenized security with recognized registration, the combination of a Spanish vehicle and an ERIR solves today what the Peruvian framework does not yet regulate. The middle ground, private contractual tokenization, requires specific advice and accepting that the token will not have security status. Peru's situation is more similar to that of Colombia, with mature crowdfunding and tokenization without its own framework, than to that of Chile, where the fintech law has already provided coverage for new figures.
Frequently asked questions
Can a security token be issued in Peru today?
Not with its own registry recognition. Peruvian securities regulations do not contemplate representation through distributed ledgers, so the local options are classic issuance before the SMV, regulated crowdfunding, or private contractual structures in which the token does not have transferable security status.
What does the Peruvian crowdfunding regulation cover?
Decreto de Urgencia 013-2020 and Resolución SMV 045-2021-SMV/02 regulate participatory financing in two modalities, securities and loans, through management companies authorized by the SMV. It is intended for small-amount raises and requires the recipient to be domiciled or incorporated in Peru.
When is the Spanish route advisable for a Peruvian issuer?
When you look for investors in euros, amounts that exceed what is reasonable in crowdfunding or a tokenized security with a legally recognized register. The ERIR of Ley 6/2023, the prospectus exemption of up to 12 million euros in force since June 2026 and the European prospectus passport are the three pieces that make it viable.
Related: securitization vs tokenization.
Does your Peruvian company want to raise capital in euros with a tokenized security? 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. 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.
