Tokenized shares in Spain: what they are and how to issue them
What tokenized shares are and how to issue equity in Spain: the real legal framework (MiFID II, Law 6/2023, ERIR), not MiCA.
BLOG · ABOUT THE AUTHOR
Jesús Sánchez
Founder and CEO of Unknown Gravity. He leads regulated tokenization projects and security token offerings in Spain under MiFID II and Spanish Law 6/2023 (the Securities Markets and Investment Services Act), with registration through an ERIR.
19 ARTICLES · PAGE 1 OF 2
Articles by
Jesús Sánchez.
How to issue a security token in Spain: steps and checklist
Step-by-step guide to issue a security token in Spain: classification, prospectus or exemption, ERIR, custody, AML/KYC and trading.
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.
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.
ERIR vs Iberclear: DLT register versus the traditional register
Differences between the ERIR (tokenised securities on DLT) and Iberclear (CSD, book entries): function, scope and liability.
Digital asset custody: who may safekeep tokenised securities
Differences between crypto-asset custody (CASP/MiCA) and tokenised financial instruments: authorised entities, ERIR, DORA.
How to tokenise an investment fund in Spain
What it takes to tokenise a fund in Spain: the role of the SGIIC and depositary, ERIR and DLT registration, with real CNMV cases.
MiCA: the 1 July 2026 deadline and the CASP transitional regime in Spain
Since 1 July 2026 only providers authorised by the CNMV or passported from another EU state may operate in Spain. A pending application does not extend it.