Issue tokenized securities from Chile.
Chile does not yet have a tokenized securities regime. A token that represents a security follows general rules, and the Financial Market Commission (CMF) is studying how to fit distributed ledgers. With HokenFi you prepare the issuance and coordinate your law firm and your investors from a single account.
What the Chilean regulation says.
The Securities Market Law considers shares, bonds, and in general any transferable credit or investment instrument as securities. If the company agrees with the DCV not to issue certificates, the share is still a security. Neither that law nor the Fintec Law of 2023 recognizes a distributed ledger as a legal securities registry.
In August 2026, the CMF proposed a public-private technical roundtable to analyze the regulatory gaps of tokenization, including the legal equivalence of distributed ledgers. The CMF clarifies that its proposals do not imply a regulatory decision.
ChileShareholder registry of the company or the DCV
SpainERIR
- ChileShareholder registry of the company or the DCV
- SpainERIR
Who keeps the register.
There is no figure like the Spanish ERIR. The public limited company keeps its shareholder registry and records the transfers presented to it. A securities depository company, such as the DCV, can administer that registry. If the company and the DCV agree, the company does not issue certificates and keeps its shares in book entries.
The DCV already uses distributed ledgers in its own infrastructure. In November 2025, Banco BCI issued a 40,000 million peso bond with DCV Digital, the first bank bond in digital format in the market.
IssuerYour company
Shareholder registryOf the company, or the DCV
Investor
Investor
Investor
IssuerYour company
Shareholder registryOf the company, or the DCV
Investors
In Spain, ERIR
Three ways to do it.
In Chile, with a private offering
Up to 50 non-qualifiedAnd qualified, without mass media
Without mass media, including publicly accessible internet, and to qualified investors, to a maximum of 50 non-qualified, or with a unit value of at least 3,000 UF. The registry that counts is the shareholder registry of your company.
From Chile, in Spain with ERIR
InvestorsEach with their token
A Spanish public limited company issues with ERIR. In Chile, the private offering follows the same rule. The public offering of foreign securities requires registering them in the Foreign Securities Registry.
By contract
LendersWithout raising funds from the public on a regular basis
A mutual loan with each investor. The law prohibits raising or receiving money from the public on a regular basis, also in a mutual loan, and presumes the infraction if a website invites the public. It depends on it not being regular or directed at the public.
The private offering and its limits.
An offering is not public if it meets the CMF conditions at the same time.
- It carries the mandatory legends, including that the securities are not registered.
- It is not done through press, radio, television, or publicly accessible internet from Chile.
- It targets qualified investors of certain categories without limit, no more than 250 qualified of the others in twelve months, or a maximum of 50 non-qualified.
With a unit value of at least 3,000 UF, the third condition is not required. The CMF also exempts from registration some public offerings, such as those whose securities can only be purchased by qualified investors, by notifying the CMF five business days in advance.
Spain and Chile, face to face.
| Spain | Chile | |
|---|---|---|
| Rule | Ley 6/2023, articles 6 to 8, and Real Decreto 814/2023 | Ley de Mercado de Valores and Ley Fintec, without a specific regime for tokenized securities |
| Who keeps the register | The ERIR, registered in the CNMV's ERIR register | The company's shareholder register or the DCV |
| No prospectus or registration | Exempt below 12 M€ under the European regulation from June 5, 2026. Ley 6/2023 still says 8 M€; your law firm confirms the threshold | Private offer without mass media, to qualified investors or to a maximum of 50 non-qualified investors |
When it fits and when it doesn't.
It fits if
- You are going to offer to qualified investors or to a small group of non-qualified investors, without mass media.
- You want to issue in Spain with ERIR and offer privately in Chile.
- You have your own investors to invite.
It does not fit if
- You want to announce your issuance on a website open to the public in Chile without registering it.
- You want to finance yourself with regular loans from many individuals.
- You expect someone to find investors for you. HokenFi does not find them.
How it's done with HokenFi.
You tell us what you want to issue and the platform prepares the milestones for you.
- 01
Your structure
A law firm with practice in Chile confirms which company you issue from and that your offer is private.
- 02
Your documentation
The law firm prepares the legends and the offer documentation and, if you issue in Spain, the issuance document.
- 03
Your register
You maintain your company's shareholder register or, if you issue in Spain, ERIR administers it. On the platform, whoever maintains the register has their own access.
- 04
Your issuance
You activate your plan and prepare the tokens.
- 05
Your investors
They are verified, subscribed, and paid. They are registered in the registry and you see the list on your dashboard.
What beginners usually ask.
Are there already issuances on distributed ledgers in Chile?
Yes, on DCV Digital, the DCV platform with distributed ledger technology. The Central Bank, the Treasury and the BCI bank have issued digital instruments on it.
Can I offer a Spanish issuance in Chile?
Privately, yes, under the same CMF conditions. Public offering of foreign securities requires registering them in the Foreign Securities Registry.
Can I finance myself with loans from my investors?
Careful. The law prohibits regularly raising money from the public, including through loans, and does not set a number of people. Your law firm must validate it beforehand.
Is this legal advice?
No. It is a summary to guide you, with no value as legal or investment advice. HokenFi provides the software and does not offer securities or provide regulated financial services. Your law firm assesses your case.
Are you issuing from Chile? Tell us your case.
We explain how your issuance is prepared on the platform and what you will need to resolve with your law firm.
