Costa Rica has not passed its crypto-asset law — the bill has been in the Assembly for years — but it did bring virtual asset service providers into the anti-money-laundering perimeter before SUGEF. To tokenize, the road is the usual one: a security under SUGEVAL and an asset isolated in a trust.
The framework: SUGEVAL, SUGEF and a pending law
SUGEVAL supervises the securities market; SUGEF the financial system. The reform of the anti-money-laundering law (Law 7786) required virtual asset service providers to register with SUGEF and meet prevention duties — compliance, not an activity licence. The Central Bank has repeatedly warned about crypto-assets. A tokenized security is a security: it enters through the Securities Market Law and SUGEVAL.
The vehicle: the Costa Rican trust
The Commercial Code trust is a consolidated figure — guarantee, administration and real estate trusts with bank and non-bank trustees — and the local variant of the Latin American fideicomiso. On top of it, beneficiary rights can be represented in tokens with transfer restrictions and an accountable register.
What is being tokenized
Tourist and residential real estate (Guanacaste, the Central Valley), renewable energy — the country produces almost all its electricity from renewables and its projects seek fractional financing — and agricultural exports. The reading for an issuer: international investors familiar with the country, a known trust structure and a demanding securities regulator.
How we work with issuers in the country
The anatomy does not change from country to country: classification of the asset, a vehicle with segregated assets, a token with transfer restrictions, verified identity on every transfer and serious custody — the seven-layer platform we build, with the local legal layer on top and a local counsel alongside. The full map of the region is in tokenization in Latin America.
Framework described as of mid-2026; regimes change — check the current status before structuring. Project in Costa Rica? Talk to us.