---
title: "Issuance assessment: which framework applies to your token?"
url: "https://hokenfi.com/en/issuance-assessment/"
site: HokenFi
published: "2026-08-27T10:28:11+00:00"
modified: "2026-08-27T10:28:11+00:00"
language: en-US
author: "Jesús Sánchez Fernández"
description: "Answer 4 questions and get the applicable EU framework for your token (MiFID II or MiCA), whether you need an ERIR and a prospectus, and the next steps."
section: "Home > Issuance assessment: which framework applies to your token?"
---

# Issuance assessment: which framework applies to your token?

Free assessment · 4 questions

## How to tokenize your asset in Spain, the regulated way?

Answer 4 questions and get the **applicable framework** (MiFID II/LMVSI or MiCA), whether you need an **ERIR** and a **prospectus**, and the next steps. Indicative, not advice.

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### How the regulatory classification of a token works in Spain

The first decision when tokenizing an asset is not technological but legal: classifying the token. If it grants a **share in profits or capital** (equity) or represents **debt** (a bond or note), it is a **transferable security** and therefore a financial instrument: it is governed by **MiFID II** and **Spanish Law 6/2023 (LMVSI)**, not by MiCA. Its register on distributed ledger technology (DLT) is kept by an authorised registrar, the **ERIR** — Ursus-3 Capital was the first ERIR authorised by the CNMV (November 2024) — and a public offer requires a **CNMV-approved prospectus** unless an exemption applies (offers to qualified investors only, to fewer than 150 investors, with a minimum ticket of 100,000 EUR, or below the amount threshold).

If the token only grants **access to a product or service** with no financial return, it may be a *utility token* and, where applicable, fall under **MiCA** (white paper) or outside the scope of financial instruments. If it works as a **means of payment** or is **referenced to a currency or a basket of assets**, it falls under MiCA as an **e-money token (EMT)** or an **asset-referenced token (ART)**, with authorisation and a white paper. In every case, legal structuring should come first: it is the step most projects skip, and the one that most often stalls them in review.

### What is an ERIR and when do you need one?

The ERIR is the entity that keeps the register of transferable securities represented on DLT, functionally replacing the central securities depository (Iberclear) used in traditional issuances. You need one whenever you issue a **tokenized security** (equity or debt) on blockchain in Spain. HokenFi is the platform that structures and operates that regulated issuance process end to end.