Secondary market for security tokens in Spain: how it works (DLT-TSS)
How security tokens are traded and settled on Spain's secondary market: the DLT pilot regime, DLT-TSS and the CNMV authorization.
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 7 OF 11
Articles by
Jesús Sánchez Fernández.
Regulated tokenization in Spain: the complete guide
How to tokenize 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 tokenization
How Spain's financial sandbox works (Law 7/2020): requirements, phases and real tokenization projects such as Bit2Me STX and BBVA.
STO vs ICO vs IPO: which route fits your company
Comparing STO, ICO and IPO: regulation, cost, timelines, investor type and liquidity to choose your capital-raising route in Spain.
Tokenized 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 tokenized 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 (tokenized securities on DLT) and Iberclear (CSD, book entries): function, scope and liability.
Digital asset custody: who may safekeep tokenized securities
Differences between crypto-asset custody (CASP/MiCA) and tokenized financial instruments: authorized entities, ERIR, DORA.
How to tokenize an investment fund in Spain
What it takes to tokenize a fund in Spain: the role of the SGIIC and depositary, ERIR and DLT registration, with real CNMV cases.
MiCA: the CASP transitional regime ended on July 1, 2026, in Spain
Since July 1, 2026, only providers authorized by the CNMV or passported from another EU state may operate in Spain. A pending application does not extend it.
Law 6/2023 (LMVSI) and securities tokenization: what the rules say
What the LMVSI says about tokenizing securities: DLT registry, issuance document and the ERIR. Still MiFID II instruments, not MiCA.
MiCA vs MiFID II: which regulation applies to your token
MiCA or MiFID II? How to tell which regulation applies to your token in Spain: security token, crypto-asset, ART or EMT.