Regulated tokenization in Spain is growing and many companies are wondering if they can issue tokens under the supervision of the CNMV (National Securities Market Commission).
The CNMV is the authority responsible for supervising financial markets and protecting investors, ensuring that the issuance of tokens complies with current regulations.
In this article, we explain which companies are authorized to issue regulated tokens in Spain, what are the legal requirements, and how the issuance process works under current regulation.
What is the CNMV and what is its role in tokenization?
The CNMV is the regulatory body that oversees Spanish financial markets, including digital assets when they are configured as financial instruments.
Its role is to ensure transparency, market integrity and investor protection.
With the advent of tokenization, the CNMV has adapted its regulatory frameworks to oversee the issuance, trading and custody of regulated tokens, ensuring that they comply with applicable standards.
What are regulated tokens?
Regulated tokens are those that meet the definition of financial instruments according to European and Spanish regulations, and are therefore subject to supervision and regulation.
These tokens can represent:
- Traditional securities (stocks, bonds, etc.) in digital format.
- Financial rights that create obligations or property rights.
- Other financial assets tokenized under a legal framework
Which companies can issue regulated tokens in Spain?
The CNMV states that only certain authorized entities can issue regulated tokens:
- Credit institutions (banks and banks).
- Securities companies and securities agencies.
- Investment Services Firms authorized to operate in Spain.
- Other regulated financial institutions that meet the legal requirements for issuing financial instruments.
These entities must be registered and supervised by the CNMV to ensure that they comply with transparency, solvency and investor protection regulations.
Can I issue a regulated token if I'm not an authorized entity?
No, the issuance of tokens considered regulated financial instruments is reserved to entities with express authorization to do so.
However, there are alternatives for other types of tokens that are not considered financial instruments, such as utility tokens or certain digital tokens that do not involve financial rights.
These may be issued under other legal frameworks, but will not be subject to direct oversight by the CNMV.
Issuance process and requirements for regulated token issuers
Authorized companies that want to issue regulated tokens in Spain must comply with:
- Request the corresponding authorization from the CNMV.
- Comply with the reporting and transparency obligations required for the issuance of financial instruments.
- Ensure the proper custody and registration of tokens, using recognized technologies, such as authorized decentralized registration (blockchain) systems.
- Comply with anti-money laundering (AML) and know your customer (KYC) regulations.
- Monitor the proper functioning of the market and manage any corporate event associated with the issued tokens.
Regulated tokenization and its impact on the Spanish market
The clear and strict regulation applied by the CNMV to the issuance of regulated tokens strengthens the confidence of investors and companies in the Spanish digital asset market.
This drives the adoption of tokenization within a secure and compliant environment.
For authorized issuers, tokenization offers advantages such as greater liquidity, accessibility and efficiency in managing financial assets.
Conclusion
Issuing regulated tokens in Spain is a rigorous process that can only be carried out by companies authorized and supervised by the CNMV.
Understanding who can be issuers and what the requirements are is essential to legally operate in the growing tokenized asset market.
If you want to launch a regulated token, you must ensure that you have the appropriate authorization and comply with all current regulations to avoid legal risks.