The Listing Act and tokenisation: what changes for issuers
The EU Listing Act reforms the prospectus: EUR 12M exemption threshold, 30% fungibility and lighter formats for tokenised securities.
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Tokenisation of private equity and venture capital in Spain
How FCR and SCR holdings are tokenised in Spain: the MiFID II/LMVSI framework, venture capital law, the ERIR's role, advantages and limits.
Companies authorised as ERIR in Spain: list and requirements
List of entities authorised by the CNMV as ERIR, requirements to qualify and how to choose the right one to tokenise securities.
AML/KYC in a security token offering
AML/CFT, KYC/KYB, MiFID II suitability, on-chain whitelists, the Travel Rule and DAC8 when issuing security tokens in Spain.
How much does it cost and how long does it take to issue a security token in Spain
Cost components, factors that move the price and phases with indicative timelines for issuing a regulated security token in Spain.
Secondary market for security tokens in Spain: how it works (DLT-TSS)
How security tokens are traded and settled on Spain's secondary market: the DLT pilot regime, DLT-TSS and the CNMV authorisation.
Regulated tokenisation in Spain: the complete guide
How to tokenise assets in Spain: MiFID II and Law 6/2023, the ERIR, CNMV issuance, custody and taxation. A guide linking every topic.
The CNMV financial sandbox: a practical guide for tokenisation
How Spain's financial sandbox works (Law 7/2020): requirements, phases and real tokenisation projects such as Bit2Me STX and BBVA.
STO vs ICO vs IPO: which capital-raising route fits
Comparing STO, ICO and IPO: regulation, cost, timelines, investor type and liquidity to choose your capital-raising route in Spain.
Tokenised securities vs crypto-assets: the legal difference
MiFID II and the LMVSI against MiCA: why classification depends on the right embedded, and what it means for prospectus and ERIR.
DAC8 and tokenised assets: new reporting obligations
What DAC8 is, how crypto-asset information exchange works, its timeline and whether it affects security tokens already under DAC2.
Are smart contracts legally valid in Spain?
A smart contract executes; it does not replace the contract. Civil Code requirements, evidentiary value and what prevails on conflict.