Open your real estate project to investors with tokenized securities.
Your development issues shares or bonds through its company and the ERIR registers them in a digital register. You prepare the issuance with your law firms and open it to your investors from a single account.
How this is financed.
Tokenizing real estate in Spain is not splitting the property into tokens. What is tokenized is the value that gives economic rights over the project. The property is transferred by title and mode and remains registered in the Land Registry. A token does not replace that registration.
That security is a financial instrument. That is why it is a tokenized security, subject to Ley 6/2023 and MiFID II.
The project company, preferably a public limited company or a special purpose vehicle (SPV) in the form of an S.A., can issue two types of security.
- Shares, if you bring in equity. The investor becomes a shareholder in the project or the portfolio and shares the risk and the return.
- Bonds and debentures, if you seek financing without dilution. They are backed by the project or its cash flows, and the investor has the right to receive principal and interest under the terms of the issuance.
When it fits and when it doesn't.
It fits if…
- The project is in an S.A. or in an SPV in the form of an S.A., or you can create it.
- You want to open the project's ownership and have the investor share in the risk and return.
- You want to raise financing without dilution and can repay principal and interest on the dates you set.
It doesn't fit if…
- You want to tokenize the property or sell parts of the estate. A token does not transfer ownership or replace registration in the Property Registry.
- You want to offer the interests of the project's S.L. They cannot be securities. Before issuing, you create an SPV in the form of an S.A. or transform the company.
How it's done with HokenFi.
Each part has its own responsible party. Law firms handle the legal work, including tokenization advice; the ERIR, the registry; and HokenFi, the software.
- 01
Your company
A corporate law firm creates the project company or converts yours into a public limited company, if needed. You choose it from offers without leaving your account.
- 02
Your issuance document
A law firm specialized in securities or an investment services firm (ESI) drafts the issuance document. You also choose it from offers.
- 03
Your issuance
You create the tokens for your issuance. You start paying for the plan when you launch it.
- 04
Go to market
The ESI validates the offer when the law requires it and the ERIR registers the securities. You open the issuance collection account, with its own IBAN. It is the automated IBAN plugin, at 150 € per month, included in Scale and Institutional.
- 05
You open to your investors
Your investors are verified, subscribe and pay by transfer to that account. The ERIR records them as holders and you see the list on your dashboard.
In Spain, today
A tokenized security from a real estate project follows the same rules as the non-tokenized share or bond. Shares and bonds are financial instruments, so Ley 6/2023 and MiFID II apply. These rules apply to issuance and trading also when the medium is a distributed ledger. They fall outside MiCA, the European crypto-asset regulation.
The ERIR is the entity that registers tokenized securities. It is regulated by Article 8 of Ley 6/2023 and Real Decreto 814/2023. Today the only one listed by the CNMV is Ursus-3 Capital.
As of 1 October 2026, the CNMV register includes 21 tokenized issuances for 77,925,715 €, all with Ursus-3 Capital as ERIR.
If you are unsure between tokenizing and real estate crowdfunding, we compare them in tokenization vs real estate crowdfunding.
Source: CNMV public registry, as of 1 October 2026.
What beginners usually ask.
Do I tokenize the property directly?
No. Ownership of the property is transferred by title and mode and registered in the Registro de la Propiedad, and a token does not replace that registration. You tokenize the shares of the company that owns the asset or the bonds issued by the project.
Do I need an S.A. or can I issue from an S.L.?
To issue shares you need an S.A. or an SPV in the form of an S.A., because the interests of an S.L. cannot be securities. If the project is in an S.L., you create an SPV as an S.A. or transform the company before issuing. An S.L. can issue bonds, with a cap of twice its equity unless the issuance is secured, for example with a mortgage.
What role does HokenFi play in relation to the ERIR and the ESI?
HokenFi is the software with which you create the tokens, view the list of holders and program the transfer rules in the security itself. The ERIR records the securities and keeps the register. The ESI validates the offer when the law requires it. HokenFi does not receive or custody funds, does not advise and does not provide regulated services.
Do I need a prospectus?
In general no, if you are below 8 million in twelve months. From June 2026 the European regulation sets that figure at 12, unless a country opts for 5, but Spanish law still says 8, so your law firm confirms the one in force. Yes, you need the issuance document.
What if I target only qualified investors?
Generally you do not need a prospectus. Your law firm confirms the exact fit of your offer.
Is a tokenized real estate security subject to MiCA?
No. MiCA excludes crypto-assets that are financial instruments, and a tokenized share or bond is one. They are governed by Ley 6/2023 and MiFID II.
Do you have a real estate project? Start with the structure.
Decide with your law firms on the company and what you issue, shares or bonds. Download the 2026 guide or tell us about your project.
