Tokenization in Latin America runs on different rules in each country. Argentina, Uruguay and El Salvador have specific frameworks for tokenized or digital-asset issuances. Mexico, Chile, Brazil, Ecuador and Colombia regulate fintech platforms or crypto service providers without a dedicated route for tokenized securities. The rest apply general securities law.
This guide gives the regional picture, a one-line status for each country with a link to its full guide, and the case for the EU route when the investors you want are in Europe.
The regional picture
Countries with a specific regime. Argentina’s securities regulator, the CNV, created a tokenization regime for securities backed by real-world assets in June 2025 (General Resolution 1069/2025), run as a regulatory sandbox. General Resolution 1150/2026 widened it in June 2026 to shares, corporate bonds and CEDEARs, among others, and extended the testing period to 31 December 2027. Issuances made within the sandbox keep their validity after it ends, and custody and trading run through virtual asset service providers registered with the CNV. Uruguay’s Law 20.345 (September 2024) recognises book-entry securities on a decentralised registry, which issuers of publicly offered securities can use with prior approval from the central bank. El Salvador’s Digital Assets Issuance Law (2023) set up a stand-alone regime under a dedicated authority, the CNAD, outside securities law.
Fintech laws without a tokenized-securities route. Mexico (2018), Chile (Law 21.521, 2023) and Ecuador (2022) passed fintech laws that cover platforms and, in some cases, crypto-asset services. Brazil regulates virtual asset service providers under Law 14.478/2022, supervised by the central bank, while the securities regulator applies existing rules to tokens that qualify as securities. Colombia relies on a crowdfunding decree and a supervised sandbox. None of them gives tokenized securities a registry of their own. Brazil is the one to watch: in September 2026 a CVM working group delivered a draft DLT pilot programme for securities, still under review.
General securities law only. Peru, Panama, Costa Rica, Bolivia and the Dominican Republic have no tokenization regime. A tokenized bond or share there is assessed like any other security, and the local registry was not built for distributed ledgers.
Country by country
Each country guide covers the local regulators, what an issuer can do today and when the European route makes more sense. The guides are in Spanish, except Brazil’s, which is in Portuguese.
| Country | Status in one line | Full guide |
|---|---|---|
| Argentina | CNV tokenization regime for real-world-asset securities, in sandbox until 31 December 2027 | Tokenización en Argentina (Spanish) |
| Uruguay | Law 20.345 allows securities on a decentralised registry with central bank approval | Tokenización en Uruguay (Spanish) |
| El Salvador | Digital Assets Issuance Law (2023); CNAD authorises public offerings outside securities law | Tokenización en El Salvador (Spanish) |
| Brazil | Central bank supervises crypto service providers; CVM treats security tokens under existing rules, often via crowdfunding | Tokenização no Brasil (Portuguese) |
| Mexico | Fintech Law 2018; central bank limits virtual assets in regulated firms; no blockchain registry for securities | Tokenización en México (Spanish) |
| Chile | Law 21.521 brings fintech and crypto-asset services under the CMF; no separate issuance route | Tokenización en Chile (Spanish) |
| Colombia | Crowdfunding decree and SFC sandbox; no DLT-based securities registry | Tokenización en Colombia (Spanish) |
| Ecuador | Fintech law (2022); no specific regime for tokenized securities | Tokenización en Ecuador (Spanish) |
| Peru | SMV regulates participatory financing; no tokenization regime | Tokenización en Perú (Spanish) |
| Panama | 2023 crypto bill struck down; offerings follow the SMV’s general route | Tokenización en Panamá (Spanish) |
| Costa Rica | No tokenized-securities regime; SUGEVAL applies general securities law | Tokenización en Costa Rica (Spanish) |
| Bolivia | Crypto ban lifted in 2024; no regime for tokenized securities | Tokenización en Bolivia (Spanish) |
| Dominican Republic | No tokenized-securities regime; SIMV applies general securities law | Tokenización en República Dominicana (Spanish) |
What a local regime gives you, and what it does not
A specific regime at home is good news, but it answers a narrow question: whether you can offer a tokenized instrument to investors in that country. It does not let you market the same instrument to investors in Madrid, Milan or Munich. An offer to the public in the EU has to meet EU rules, whatever the home country allows.
The reverse is also true. An issuer from a country with no regime is not shut out of tokenization: it can issue through a European vehicle and reach European investors under a framework that already recognises securities on distributed ledgers. The useful question is not «does my country regulate tokens?» but «where are my investors, and which law governs the instrument they will hold?»
The EU route for LATAM issuers
The structure that works for most LATAM issuers raising from European investors has four parts. None of them requires moving the business: the operating company stays where it is, and the European vehicle holds the asset or right being financed.
- A European issuing vehicle. Usually a Spanish SPV that holds the asset or the economic right and issues the securities.
- A register with legal effect. Spain’s Law 6/2023 allows securities to be represented on distributed ledgers. Its Article 8, developed by Royal Decree 814/2023, creates the ERIR, the entity that keeps that register. The first ERIR, URSUS-3 Capital, A.V., was authorised in November 2024. The register entry is the security, not a copy of it. More in what is an ERIR.
- The right rulebook. Tokenized securities are financial instruments, so MiFID II applies. MiCA does not: Article 2(4) of Regulation (EU) 2023/1114 excludes financial instruments. ESMA’s guidelines on when a crypto-asset qualifies as a financial instrument have applied since 18 May 2025.
- A proportionate offer document. Since 5 June 2026, after the Listing Act changes, offers of up to EUR 12 million can be made without an approved prospectus, subject to the conditions each Member State applies. Above that, a prospectus approved in one Member State can be passported to the others under the Prospectus Regulation.
The step-by-step process, from vehicle to investor onboarding, is in how to issue a security token in Spain. Spanish-speaking teams can also read the regional overview, tokenización para emisores de Latinoamérica.
How to choose
- Investors at home, small raise. Start with the local framework: crowdfunding rules or, in Argentina, Uruguay and El Salvador, the specific regime.
- Investors in Europe. Use the EU route, whatever your home country allows.
- A raise above local crowdfunding caps but below EUR 12 million. The EU prospectus exemption often makes the European route cheaper than a full local public offer, provided there is real European demand for the asset.
- Both. Expect two compliance tracks. Decide early which law governs the instrument and where the register sits.
A note on roles: HokenFi is a technology platform that provides issuance infrastructure. It is not an entity authorised by the CNMV; registration, legal advice and distribution stay with the regulated parties that perform them.
Raising from Latin America and want to know if the EU route fits your asset? Take the 2-minute issuance assessment or request a proposal.
This content is educational. It is not legal, tax or investment advice. Check the current version of each rule on EUR-Lex and the relevant national gazettes.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, investment firm, financial advisor or ERIR). This article is for information only and is not financial or legal advice.
Frequently asked questions
Which Latin American countries regulate asset tokenization?
Argentina, Uruguay and El Salvador have specific frameworks. Argentina's CNV runs a tokenization regime for real-world-asset securities in sandbox until 31 December 2027, Uruguay's Law 20.345 allows securities on a decentralised registry, and El Salvador regulates digital asset issuances through the CNAD. Mexico, Chile, Brazil, Ecuador and Colombia have fintech or crypto rules without a dedicated tokenized-securities route.
Can a Latin American company issue tokenized securities to European investors?
Yes, usually through a European issuing vehicle such as a Spanish SPV. In Spain, Law 6/2023 and Royal Decree 814/2023 allow securities to be registered on distributed ledgers through an ERIR. The offer must follow EU rules: MiFID II applies, MiCA does not, and since 5 June 2026 offers of up to EUR 12 million can be made without an approved prospectus.
Does a local tokenization law let me sell tokens in Europe?
No. A local regime only governs offers to investors in that country. Offering the same instrument to the public in the EU requires compliance with EU securities rules, including prospectus requirements or an exemption, regardless of what the home country allows. Issuers targeting both markets should plan for two compliance tracks and decide early which law governs the instrument.
