---
title: "Asset tokenization in Colombia: fiducia mercantil, VASPs and custody"
url: "https://www.unknowngravity.com/en/articulos/asset-tokenization-in-colombia"
site: Unknown Gravity
published: "2026-08-17T09:34:33+00:00"
modified: "2026-10-15T23:45:30+00:00"
language: en
description: "How assets are tokenized in Colombia: the fiducia mercantil as vehicle, what is still unregulated for crypto-assets and PSAVs, and how to handle custody."
section: "Home > Blog > Asset tokenization in Colombia: fiducia mercantil, VASPs and custody"
---

# Asset tokenization in Colombia: fiducia mercantil, VASPs and custody

**Colombia still has no crypto-asset law and no regime for virtual asset service providers (PSAVs): the Superintendencia Financiera neither registers nor supervises them, and the bill that would have regulated them was shelved in June 2026.** For tokenization, the country's natural vehicle is the **fiducia mercantil**.

## The framework: no PSAV regime yet

The Superintendencia Financiera states that crypto-asset transactions are neither regulated nor supervised by any authority in the country, and the entities it supervises — banks and trust companies included — are still not authorized to custody, invest in or trade crypto-assets. PSAVs currently have anti-money-laundering obligations (reports to the UIAF under Resolution 314 of 2021 and the Superintendencia de Sociedades SAGRILAFT system) and tax reporting duties to the DIAN, which receives their reports from tax year 2026. Bill 510 of 2025, which would have created the regime, was shelved in June 2026 and the government is preparing another. For a tokenized issuance this makes custody a design decision in its own right, as we explain in our [crypto-asset custody](/en/articulos/crypto-asset-custody) guide.

## Fiducia mercantil: the Colombian vehicle

The [fiducia mercantil](/en/glosario/fiducia-mercantil) is Colombia's version of the Latin American [fideicomiso](/en/glosario/fideicomiso): the settlor transfers assets to an SFC-supervised trust company, which holds them as an autonomous estate kept apart from its own (articles 1226 and 1233 of the Commercial Code). It is the standard structure in real estate and for proptech platforms that sell fractions of projects; what they sell are fiduciary participations. The SFC holds that these participations are not securities, but when they are offered to the public or to 20 or more people the contract model must first be reviewed by the SFC. We have not found any SFC statement on representing them as tokens. Trust companies administered COP 1,181 trillion at July 2026, according to the trust industry association Asofiduciarias, and since May 2026 the business has its own rules under Decree 510. What is still missing is a specific tokenization statute: serious projects operate by structuring well, not by waiting for the perfect rule.

## What is being tokenized

Real estate is the natural ground: real estate trusts administered COP 119 trillion across 7,626 trust arrangements in April 2026, according to Asofiduciarias. In September 2026 the Financial Superintendent announced working groups on tokenizing stock-market and agricultural assets. The read for an issuer: the gap is doing it **to securities-market standards** (transfer restrictions, segregated and audited key custody, investor information) before specific regulation demands them.

If the project is real estate and you want to raise money from many investors, the country also has a crowdfunding regime with its own caps: we compare them in [real estate crowdfunding in Latin America](/en/articulos/real-estate-crowdfunding-latin-america).

## How we work with Colombian issuers

Fiduciary structure with local counsel + our [seven-layer platform](/en/articulos/regulated-tokenization-platform) (registry, identity, restricted token, custody). The full regional map is in [asset tokenization in Latin America](/en/articulos/asset-tokenization-in-latin-america).

*Framework verified as of October 2, 2026.* A project in Colombia? [Talk to us](/en/meeting).