--- title: "Asset tokenization in Costa Rica: SUGEVAL, virtual asset providers before SUGEF and the trust" url: "https://www.unknowngravity.com/en/articulos/asset-tokenization-in-costa-rica" site: Unknown Gravity published: "2026-09-21T12:09:02+00:00" modified: "2026-09-21T12:27:00+00:00" language: en-US description: "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." section: "Home > Cryptocurrencies and tokens > Asset tokenization in Costa Rica: SUGEVAL, virtual asset providers before SUGEF and the trust" --- # Asset tokenization in Costa Rica: SUGEVAL, virtual asset providers before SUGEF and the trust BLOG · LEARN WEB3 21 SEP 2026 2 MIN READ [Jesús Sánchez Fernández](/en/autores-post-del-blog/jesus-sanchez) ![Asset tokenization in Costa Rica: SUGEVAL, virtual asset providers before SUGEF and the trust](/wp-content/themes/unknowngravity/assets/cms/667951006e75818d48be6f95_Tokenization%20in%20real%20estate%20header.webp) **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](/en/glosario/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](/en/articulos/regulated-tokenization-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](/en/articulos/asset-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](/en/meeting). KEEP READING ## Related articles [21 SEP 2026 Asset tokenization in Bolivia: the Central Bank turn of 2024, ASFI and the trust](/en/articulos/asset-tokenization-in-bolivia) [21 SEP 2026 Asset tokenization in Venezuela: a crypto framework on hold, SUNAVAL and how to structure under uncertainty](/en/articulos/asset-tokenization-in-venezuela) [21 SEP 2026 Asset tokenization in Guatemala: no crypto law, the Securities Market Registry and the commercial trust](/en/articulos/asset-tokenization-in-guatemala)