TRD (distributed ledger technology), internationally known as DLT and whose most widespread example is blockchain, maintains a shared and synchronized ledger among several participants without a central administrator. Spanish law uses the term TRD. It is the medium where security tokens are recorded, but legal validity is provided by the ERIR, not by the technology.
TRD (or DLT) is one of the terms that appear most when talking about regulated tokenization. Here you have it explained clearly, with the regulation that frames it.
What is TRD (or DLT)
TRD (distributed ledger technology), known internationally as DLT and whose most widespread example is the blockchain, is the technology that maintains a shared and synchronized record among several participants without a single central administrator. Spanish law uses the term TRD.
It is the medium where security tokens are recorded, but the legal validity of the registry is not given by technology alone: it is provided by the ERIR (art. 8 LMVSI). We explain it in what an ERIR is.
Frequently asked questions
Are TRD and DLT the same?
Yes. TRD (distributed ledger technology) is the term used by Spanish law; DLT (distributed ledger technology) is its international equivalent. The blockchain is its best-known example.
Does the blockchain give legal validity to a token?
Not by itself. In Spain, the legally effective registration of a negotiable security on DLT is carried out by an ERIR (art. 8 LMVSI; RD 814/2023).
More terms in the tokenization glossary.
Notice
Informational content. It does not constitute legal, tax or investment advice. Check the current version of the cited rules on BOE and EUR-Lex.
To go deeper into the full framework (LMVSI, ERIR, prospectus and secondary market), the report “Regulated asset tokenization in Spain 2026” is available, prepared from BOE, CNMV and EUR-Lex sources.
Are you considering tokenizing an asset or issuing a security token in Spain? At HokenFi we structure the issuance in accordance with Ley 6/2023 (LMVSI), MiFID II and the ERIR, with the CNMV as a reference. Run the diagnostic for your issuance (2 min) → or talk to our team
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.
