2026 GuideHow to tokenize an asset in Spain, reviewed by three law firms. Download it

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Legal framework in Spain

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.

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Is it a security?
Yes · share, bond, promissory note…
  • Ley 6/2023 de los Mercados de Valores
  • MiFID II
  • The ERIR registers the securities
No
  • MiCA Regulation
  • Asset-referenced tokens, e-money tokens and other crypto-assets

The rules, one by one.

Ley 6/2023 (LMVSI)

The securities markets in Spain. Its article 8 recognizes securities represented in distributed ledgers.

For your issuanceIt is the legal basis for your tokenized security and for the ERIR that registers it.
Read the regulation ↗
MiFID II

Financial instruments and investment services in the EU.

For your issuanceYour tokenized security is a financial instrument, and technology does not change its nature.
Read the regulation ↗
MiCA Regulation

Crypto-assets that are not financial instruments.

For your issuanceIt does not apply to your security, because its article 2.4 excludes financial instruments.
Read the regulation ↗
Prospectus Regulation

When a prospectus is required in a securities offering.

For your issuanceBelow a certain amount over twelve months, generally no. Your law firm confirms the current figure.
Read the regulation ↗
DLT pilot regime

The trading and settlement infrastructures based on distributed ledgers.

For your issuanceIt is a testing regime for markets, not for issuing, so your issuance does not need it.
Read the regulation ↗

How we got here.

  1. Jan 2018MiFID II applies across the EU
  2. Mar 2023The DLT pilot regime applies
  3. Apr 2023Ley 6/2023 enters into force
  4. Jun 2024MiCA applies to asset-referenced and e-money tokens
  5. Dec 2024MiCA applies to crypto-asset service providers
  6. Feb 2025The first tokenized issuance is published in the CNMV register
  7. Oct 202621 tokenized issuances in the register, for 77.9 M€

Issue in Spain and in other countries.

The tokenized security is a financial instrument throughout the EU, but each country decides who keeps the register and how. Start with issuing in Spain with ERIR and with what changes with ERIR and without it.

FAQs

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. It is a summary to guide you and does not constitute legal or investment advice. HokenFi provides the software and does not offer securities or provide regulated financial services. Your law firm qualifies your case.

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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.

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