Regulated tokenization platform: the seven layers it needs to operate
The seven layers of a tokenization platform that can operate in a regulated way: registry (ERIR), identity, transfer restrictions, prospectus.
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.
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Articles by
Jesús Sánchez Fernández.
Euro stablecoins: what they are, which exist and what MiCA requires to issue and use them
What an e-money token (EMT) referencing the euro is, how it differs from a tokenized deposit and the digital euro.
MiCA license in Spain (CASP): CNMV requirements and timelines
How to get a MiCA (CASP) license in Spain: what the CNMV requires, the legal timelines, capital by class and why the transitional period ended on July 1,…
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.
Retail vs professional investors: who you can sell security tokens to
Who can buy your security tokens under MiFID II: retail, professional or eligible counterparty, and what changes for issuers.
Issuing Security Tokens: Spain versus Luxembourg, Switzerland and Liechtenstein
Where to issue security tokens: Spain (LMVSI), Luxembourg, Switzerland (DLT Act) and Liechtenstein (TVTG). EU passport, cost and maturity.
How to Declare Security Tokens in Your Spanish Income Tax Return (IRPF)
Practical guide to declaring security tokens in the Spanish IRPF: capital income, capital gains, withholdings and the savings tax scale.
The Listing Act and tokenization: what changes for issuers
The EU Listing Act reforms the prospectus: EUR 12M exemption threshold, 30% fungibility and lighter formats for tokenized securities.
Tokenization of private equity and venture capital in Spain
How FCR and SCR holdings are tokenized in Spain: the MiFID II/LMVSI framework, venture capital law, the ERIR's role, advantages and limits.
Companies authorized as ERIR in Spain: list and requirements
List of entities authorized by the CNMV as ERIR, requirements to qualify and how to choose the right one to tokenize securities.
AML/KYC in a security token offering
AML/CFT, KYC/KYB, MiFID II suitability, on-chain whitelists, the Travel Rule and DAC8 when issuing security tokens in Spain.
How much does it cost and how long does it take to issue a security token in Spain
Cost components, factors that move the price and phases with indicative timelines for issuing a regulated security token in Spain.