Asset tokenization in the United States: Reg D, Reg A+, Reg CF and Reg S explained
How to issue tokenized securities in the US: Howey, Reg D 506(b) and 506(c), Reg A+, Reg CF and Reg S compared, who does what and the SEC's…
BLOG · ABOUT THE AUTHOR
Jesús Sánchez Fernández
Founder and CEO of Unknown Gravity (2023) and of HokenFi, the company's platform for tokenizing real-world assets. He leads regulated tokenization projects and security token offerings in Spain under MiFID II and Law 6/2023, with registration through an ERIR.
He has built on blockchain since 2022: Solidity smart contracts, wallets and bridges on Ardor and Polygon as Head of Technology at Tarasca, and he has served as CTO of ZeemGO. He teaches “Real-World Asset (RWA) Tokenization and Institutional Infrastructure” in the Master in Blockchain and Fintech at IEBS Business School, co-organizes Blockchain Málaga and studied Computer Engineering at the University of Málaga.
128 ARTICLES · PAGE 3 OF 11
Articles by
Jesús Sánchez Fernández.
MiCA license by country: authorized CASPs, transitional periods and supervisors
Authorized CASPs per country from the ESMA register, each state's transitional period, the supervisor, legal timelines and how to choose where to apply.
Real estate trusts and tokenization in Latin America: what each country allows
Real estate trusts in Argentina, Mexico, Colombia, Peru and Ecuador: structures, when an offer is public and where tokenization is allowed today.
Chile’s Fintec Law (Law 21.521): scope, registration and what the CMF requires
Chile's Fintec Law (Law 21.521): the seven regulated services, CMF registration and authorization, NCG 502, capital, crypto-assets and penalties.
Mexico’s Fintech Law (LRITF): IFCs, IFPEs, virtual assets and CNBV authorization
What Mexico's Fintech Law regulates: IFCs and IFPEs, the CNBV register, virtual assets, the sandbox, authorization, penalties and crowdfunding caps.
Real estate crowdfunding in Latin America: the rules in each country (2026)
Real estate crowdfunding in Mexico, Colombia, Argentina, Chile, Peru, Uruguay and Brazil: law, regulator, investor caps and whether tokens fit.
Asset tokenization in Nicaragua: Central Bank VASP licenses, Law 1072 and no route for securities
Nicaragua licenses virtual asset providers (Law 1072 and the 2025 Central Bank rule) but has no regime for tokenizing securities. Framework and country risk.
Asset tokenization in Cuba: the Central Bank crypto framework and why issuing is not viable today
Cuba regulates virtual-asset payments and providers (BCC Resolutions 215/2021, 89/2022), but has no securities market and US sanctions rule out tokenizing.
Asset tokenization in Puerto Rico: the SEC, OCIF and the Incentives Code (Act 60)
Tokenizing in Puerto Rico means issuing US securities: SEC rules, OCIF’s local law, crypto custody at international financial entities and the Act 60 change.
Asset tokenization in Brazil: the CVM, Resolution 88 crowdfunding and the Central Bank’s new regime
Brazil is Latin America’s most mature tokenization market: the CVM test, RCVM 88 crowdfunding, the DLT pilot and Central Bank Resolutions 519 to 521.
VASP (PSAV) registration in Argentina: CNV requirements, categories and how to register (2026)
Registering as a VASP (PSAV) with Argentina’s CNV: the five categories, minimum equity, foreign providers, the TAD filing, the 2026 fee and FIU duties.
Asset tokenization in Honduras: the CNBS ban, the Próspera ZEDE and how to structure from abroad
Tokenizing in Honduras: the CNBS bars banks and supervised entities from crypto and tokens, the Próspera ZEDE was struck down; structure from abroad.