The cost and timeline of a security token issuance in Spain depend on three variables: the type of asset, the amount raised and who it is offered to. Those three determine whether a CNMV prospectus is required or an exemption applies, which is what moves both the budget and the calendar the most.
How much does it cost and how long does it take to issue a tokenized security in Spain? It depends on your case: the type of asset, the amount you raise and to whom you offer it determine whether you need a CNMV prospectus, which cost items come into play and how much the timeline is extended. Answer three questions and get an indicative estimate of your issuance.
The cost items of an issuance (what you are paying for)
The cost of tokenizing a security is not in the technology, but in the legal and regulatory side. The usual cost items are:
- Legal structure and issuance document (art. 7 of Ley 6/2023): incorporating or adapting the vehicle (SA or SPV), drafting the issuance document and the contracts.
- Registration with an ERIR (Real Decreto 814/2023): the registration of the securities with the entity responsible for the registry on distributed ledger technology.
- CNMV prospectus or exemption memorandum (Regulation (EU) 2017/1129): the offering document, when you cannot rely on an exemption.
- Technology: development and audit of the smart contract (standards such as ERC-1400/ERC-3643) and the issuance platform.
- Distribution and compliance: KYC/AML, AML/CFT and the involvement of an authorized entity for marketing.
The slow part is almost never programming the token: it is closing the ERIR and, if applicable, the CNMV prospectus. That is why the realistic timeline for an issuance is measured in months, not weeks.
Frequently asked questions
Do I always need a prospectus approved by the CNMV?
No. If the offer is made to qualified investors, to fewer than 150 people per country or below the current exemption threshold, you can rely on a prospectus exemption (art. 1.4 of Regulation (EU) 2017/1129), although you will still be subject to MiFID II conduct obligations.
What makes an issuance more expensive and longer?
Assets with registry or vehicle complexity (real estate via SPV, units in a fund or collective investment institution) and public offers with a prospectus. A debt or equity issuance by an SPV aimed at qualified investors is usually faster and simpler.
Does the estimate include a fixed price?
No. This tool is indicative: it identifies the cost items and the approximate timeline for your case. The fixed amount depends on the specific analysis of your asset, your vehicle and your investor base.
Indicative and non-binding estimate based on the current framework (Ley 6/2023, MiFID II, Prospectus Regulation, Real Decreto 814/2023). It does not constitute legal, tax or budget advice. The final amount and timeline depend on the analysis of the specific case.
Do you prefer to start with the guide? Download the 2026 Guide to tokenizing an asset in Spain for free (PDF): legal framework, steps, timelines and costs.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
