One question decides which rule applies.
Is your token a security, such as a share or a bond? Then it is not a crypto-asset and is not governed by MiCA. It is governed by Ley 6/2023 and MiFID II.
- Ley 6/2023 de los Mercados de Valores
- MiFID II
- The ERIR registers the securities
- MiCA Regulation
- Asset-referenced tokens, e-money tokens and other crypto-assets
The rules, one by one.
The securities markets in Spain. Its article 8 recognizes securities represented in distributed ledgers.
Financial instruments and investment services in the EU.
Crypto-assets that are not financial instruments.
When a prospectus is required in a securities offering.
The trading and settlement infrastructures based on distributed ledgers.
How we got here.
- Jan 2018MiFID II applies across the EU
- Mar 2023The DLT pilot regime applies
- Apr 2023Ley 6/2023 enters into force
- Jun 2024MiCA applies to asset-referenced and e-money tokens
- Dec 2024MiCA applies to crypto-asset service providers
- Feb 2025The first tokenized issuance is published in the CNMV register
- Oct 202621 tokenized issuances in the register, for 77.9 M€
Emitir en España y en otros países.
El valor tokenizado es un instrumento financiero en toda la UE, pero cada país decide quién lleva el registro y cómo. Empieza por emitir en España con ERIR y por qué cambia con ERIR y sin ella.
What beginners usually ask.
Is a token always a crypto-asset?
No. If it represents a share, a bond or another transferable security, it is a financial instrument. It is governed by Ley 6/2023 and MiFID II, not by MiCA.
What is the ERIR?
The authorized entity that registers securities represented on distributed ledgers. Today the only one listed by the CNMV is Ursus-3 Capital.
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. Ley 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.
Is this legal advice?
No. Es un resumen para orientarte, sin valor de asesoramiento jurídico ni de inversión. HokenFi da el software y no ofrece valores ni presta servicios financieros regulados. Tu caso lo califica tu despacho.
Do you want the full details? Download the 2026 Guide.
The regulatory, tax and operational framework, reviewed by three law firms and checked against the regulations in force as of 27 August 2026.
