Everything you need to know before tokenizing.
The regulatory, tax and operational framework for issuing in Spain, in six parts. Reviewed by three law firms and checked against the regulation in force as of 27 August 2026.
Free PDF. No calls or sales sequences.
What's inside.
- A technical diagnosis of your case
- An order-of-magnitude estimate
- The shortlist of decisions to make before investing in development
01Six phasesFrom asset analysis to post-issuance operations.
Qualification, structure, offering document, ERIR, issuance and ongoing compliance.
02The step-by-step processFive stages with their legal deliverables.
Offering document, ESI validation when required by law, notary and registration, formalization with the ERIR and technical closing.
03Seven verticalsEach with its framework and deliverables.
Shares of an S.A., corporate debt, real estate through an SPV, funds, energy, intellectual property and digital assets.
04Costs and timelinesThe order of magnitude of a medium-sized issuance.
With prospectus exemption, provider by provider, and where the time goes between the Commercial Registry and the CNMV.
05The issuance registerThe 21 tokenized issuances registered in Spain.
With issuer, instrument, amount and dates.
06Taxation and complianceKYC, KYB, appropriateness and the smart contract.
The rule for the smart contract is that the legal contract prevails and the code executes it.
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