Regulatory compliance: regulated activities are carried out by authorized entities.
HokenFi is the software used to issue and manage an issuance of tokenized securities. It is not a regulated entity and does not provide reserved services: those roles are filled by authorized third parties, and the software does not replace them.
- CASPIt does not provide crypto-asset services under MiCA. Security tokens fall outside that regime.
- Neither ESI nor EAFIt neither advises on nor markets financial instruments. That role is covered by an authorized ESI, and advisory services by an ESI or an EAF.
- ERIRIt does not register securities or maintain the register with legal effect. That is done by the ERIR authorized by the CNMV.
- CustodyIt does not provide custody of financial instruments or receive funds, and does not issue tokens on its own account.
Under which rules it is issued.
When a token represents a financial instrument, such as a share, a bond or an interest in a fund, it is a security token and its issuance is governed by securities market rules, not by MiCA.
The token represents a financial instrument: it is governed by Ley 6/2023 and Directive 2014/65/EU.
Real Decreto 814/2023 regulates the register of transferable securities and the ERIR regime. Real Decreto 815/2023 covers the official CNMV registers, including the register of ERIRs.
Regulation (EU) 2023/1114 expressly excludes these assets in its Article 2.4: they are financial instruments, not crypto-assets.
Three layers, without overlaps.
A security token issuance in Spain combines three roles, each covered by the party designated by law. HokenFi occupies only the software layer.
- RegistryERIR
It registers and records securities with legal effect. Today the only one listed by the CNMV is Ursus-3 Capital.
- ValidationESI
It validates the information for investors and supervises marketing when required by law.
- SoftwareHokenFi
Smart contracts, connection to the ERIR, issuer dashboard and investor portal. It integrates with the other two roles without replacing them.
Identity and privacy of your investors.
Any issuance that admits investors is subject to Ley 10/2010: client identification and transfers limited to verified investors. The obliged entity is the regulated actor; the software integrates the controls into the subscription.
Personal data is processed in accordance with Regulation (EU) 2016/679 and Ley Orgánica 3/2018. The terms of this site are in the privacy policy.
What beginners usually ask.
Is HokenFi regulated?
No, because it does not provide regulated services. HokenFi is a software and infrastructure provider. It is not a crypto-asset service provider (CASP), nor an investment services company (ESI), nor a financial advisory firm (EAF), nor an entity responsible for the administration of the registration and registry (ERIR). The issuances managed by the platform operate under Ley 6/2023 de los Mercados de Valores y de los Servicios de Inversión (LMVSI) and Directive 2014/65/EU (MiFID II), through the corresponding authorized entities.
What role does HokenFi play in an issuance of tokenized securities?
It provides the technical layer: smart contracts, connection with the ERIR, issuer dashboard and investor portal. The registration with legal effects is done by the ERIR, and validation of the offering by an ESI, when required by law. HokenFi integrates with them without assuming their functions.
Are tokenized securities with HokenFi subject to MiCA?
No, if they represent financial instruments such as shares, bonds or fund units. They are governed by the LMVSI and MiFID II and fall outside Regulation (EU) 2023/1114 (MiCA) under Article 2.4. MiCA applies to crypto-assets that are not financial instruments.
Are you going to issue or advise on an issuance? Talk to the team.
If you want to validate the allocation of roles and compliance for your issuance, tell us about your case or start with the 2026 guide.
