What regime applies to your token?
Answer at most three questions and you will know whether your token is a security, subject to Law 6/2023 and MiFID II, or a MiCA crypto-asset, and what the next step is. It is a MiCA and Law 6/2023 test in a few questions.
This is guidance. Your law firm confirms the classification of your case.
How a token is classified.
The first decision when tokenizing is legal. The right that your token grants decides which regulation applies and what you need to issue it.
Issuance document, prospectus or exemption, ESI when required by law and ERIR.
The same, plus fund regulations.
Authorization as an electronic money or credit institution.
Authorization and its own white paper.
White paper, except for the exemptions in Article 4.3.
If it is fractionalized or issued in a series, it may fall within MiCA.
HokenFi works with securities (shares, debt and other transferable securities) and with participating loans.
Frequently asked questions.
What is an ERIR and when do you need it?
It is the entity that keeps the register of transferable securities represented in DLT. You need it whenever you issue a tokenized security in Spain, whether equity or debt. Ursus-3 Capital was the first ERIR: the CNMV registered it for the first time as the ERIR for an issuance on February 7, 2025.
Do I need a prospectus?
In general no, if you raise less than 12 million in the EU over twelve months. It is the threshold of the European Prospectus Regulation as of 5 June 2026, unless Spain opts for 5. Law 6/2023 still says 8 because it has not been adapted, so your law firm confirms which one applies. You do need the issuance document.
What does HokenFi do during an issuance?
With HokenFi you prepare and manage the issuance of your tokenized security. Law firms handle the legal work, the ESI validates the offering when required by law and the ERIR registers the securities.
Is your token a security? Prepare your issuance.
If the result is a security token, talk to the team and prepare your issuance with your law firms. If it is a MiCA crypto-asset, ask about your case.
