LMVSI (Law 6/2023 on Securities Markets)

The LMVSI is the Spanish law governing securities markets and recognising securities represented through DLT.

What is it? - Dummies

The LMVSI is the Spanish version of the securities markets rulebook: it is the law that, in Spain, sets out how shares, bonds and the like are issued, traded and supervised. What matters for the crypto world is that it expressly recognises that a security can be represented using blockchain technology, not just on paper or as a traditional book entry.

What is it? - PRO

The LMVSI (Ley 6/2023, of 17 March, on Securities Markets and Investment Services, BOE-A-2023-7053) is the Spanish law that governs securities markets, transposes the EU financial markets framework and develops the regime for investment firms.

It expressly recognises the representation of transferable securities through distributed ledger technology (DLT) based systems, enabling the tokenisation of securities in Spain within the MiFID II and MiFIR framework.

Key points

Spanish securities markets law (Ley 6/2023, BOE-A-2023-7053).
Replaces the former consolidated text of the Securities Market Law.
Allows the representation of securities through DLT.
National framework for tokenised transferable securities.

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