01
Unknown Gravity: smart contracts and a platform for tokenized shares
Unknown Gravity is a technology company based in Málaga, Spain, and the publisher of this page. In an on-chain share issue it builds the smart contracts that represent the shares, with standards such as ERC-3643 when transfers must be limited to verified investors, and the platform that connects the issuer, the investors and the ERIR (more on share tokenization).
- Role: technology. It is not an ERIR, an investment firm or a law firm: it works with the issuer's legal advisors and with authorized firms.
- Registration: Unknown Gravity, S.L., Commercial Register of Málaga, sheet MA-177027; its incorporation was published in the BORME of October 18, 2023.
Where it fits: you want to own the code and the platform, and choose the ERIR and the other regulated partners yourself. Where it does not: if you need one entity that also records, places or trades the shares, that requires an authorization.
02
URSUS-3 Capital: the ERIR on the CNMV's list
The ERIR (Spanish acronym for the entity responsible for administering the recording and register of the securities) keeps the on-chain register: it identifies the holders and handles corporate events, entries and encumbrances. The issuer appoints it in the issue document, and it must be authorized for the custody and administration of financial instruments (Articles 7, 8(4) and 126(a) of Law 6/2023 on Securities Markets and Investment Services). The appointment is recorded in an official CNMV register (Article 2(b) of Royal Decree 815/2023).
- Role: register of the securities (ERIR).
- Registration checked: URSUS-3 Capital, A.V., S.A., an investment firm registered with the CNMV as a securities agency (agencia de valores) under No. 251 since August 29, 2013 (CNMV entry). As of October 14, 2026, it is the only investment firm on the CNMV's list of entities appointed as ERIR.
- Share issues: its ERIR entry lists 21 records: 4 share issues, summarized below, and 17 bond issues.
The entry itself warns that registration does not mean the CNMV has validated the terms of the issue or the information provided by the issuer. More background in companies authorized as ERIR in Spain.
Where it fits: your shares will not be admitted to trading on a trading venue and you need an entity to administer their on-chain register.
03
Securitize Europe: on-chain trading and settlement permitted by the CNMV
If the tokenized shares will trade on a trading venue, they must be represented as book entries or on DLT under the EU pilot regime of Regulation (EU) 2022/858 (Article 6(2) of Law 6/2023), and responsibility for the register moves to the authorized infrastructure (Article 8(5)).
- Role: DLT market infrastructure (trading and settlement).
- Registration checked: Securitize Europe Brokerage and Markets, S.V., S.A., an investment firm registered with the CNMV as a securities company (sociedad de valores) under No. 327 since April 25, 2025 (CNMV entry). It operates Securitize Europe DLT TSS, a DLT trading and settlement system permitted by the CNMV since November 26, 2025, according to ESMA's list of authorized DLT market infrastructures.
- Limit: under the pilot regime, only shares of issuers with an actual or tentative market capitalization below EUR 500 million can be admitted (Article 3(1)(a) of Regulation 2022/858). The European Commission proposed removing that limit in December 2025 (COM(2025) 943); it is a proposal, not a rule in force.
Where it fits: your plan includes a regulated secondary market for the shares. We explain it in the secondary market for security tokens in Spain.
Four companies with shares recorded on blockchain
These are the four share issues listed in the ERIR entry of URSUS-3 Capital at the CNMV as of October 14, 2026. We cite them as verifiable examples of the process, not as investment recommendations.
| Company | CNMV record | What was recorded, according to the record |
|---|
| Beself Brands | July 11, 2025 | Share issue of €7,962,816 and conversion into an S.A., registered with the Commercial Register on May 8, 2025 |
| Arca Habitatum Capital, S.A. | February 13, 2026 | Shares representing the share capital, for €60,000 |
| Hispania Defense Solutions, S.A. | April 17, 2026 | Shares representing the share capital, for €3,999,999 |
| Tokenix Global | May 8, 2026 | 5,000,000 Class B shares, 50% of the share capital, for €50,000 |
The Beself Brands case shows the prior step any private limited company needs: it was an S.L. and converted into an S.A., because membership interests are never securities (Article 92(2) of the Spanish Companies Act). If your company is an S.L., see tokenizing membership interests in a company.
What you need to tokenize your company's shares
- A public limited company (S.A.). Shares are securities (Article 92(1) of the Spanish Companies Act); the membership interests of an S.L. are not (Article 92(2)).
- An issue document. The issuer drafts it; it identifies the ERIR, sets the content of the securities and describes the DLT system, how it works and how it is governed (Article 7 of Law 6/2023).
- An ERIR authorized for the custody and administration of financial instruments, appointed in that document (Article 8(4)) and recorded in an official CNMV register (Article 2(b) of Royal Decree 815/2023). Once recorded, shares transfer by a transfer entered in the distributed ledger, and whoever appears in it is presumed to be the holder (Articles 11(1) and 13(1)).
- A prospectus or an exemption. Shares can only be offered to the public after a prospectus is published, unless an exemption under Regulation (EU) 2017/1129 applies (Article 35 of Law 6/2023). If an exempt placement is marketed to the general public with advertising, a firm authorized to provide investment services must take part, validating the information and overseeing the marketing (Article 36(1)), with an exception for authorized crowdfunding (Article 36(2)).
- Technology: smart contracts, investor verification and integration with the ERIR. This is what a provider such as Unknown Gravity does.
The full process is in tokenized shares in Spain.
The roles at a glance
| Role | What it does | Who covers it in this guide | Rule |
|---|
| Technology | Smart contracts, platform and integration with the ERIR | Unknown Gravity (publisher) | — |
| Register (ERIR) | Holders, corporate events and encumbrances of the DLT securities | URSUS-3 Capital, A.V., S.A. | Article 8(4) of Law 6/2023 |
| Exempt placement with advertising | Validates the information and oversees the marketing | A firm authorized to provide investment services | Article 36(1) of Law 6/2023 |
| Trading and settlement | Secondary market for the DLT securities | Securitize Europe DLT TSS | Regulation (EU) 2022/858 |
Frequently asked questions
Can an S.L. tokenize its membership interests?
Not as securities: the membership interests of a private limited company cannot be represented by certificates or book entries, and are never securities (Article 92(2) of the Spanish Companies Act). The options are to convert into an S.A., as Beself Brands did, or to issue debt: an S.L. can issue bonds within the limits of Article 401(2) (see companies to tokenize debt).
How many ERIRs are there in Spain?
As of October 14, 2026, the CNMV list shows a single investment firm appointed as ERIR: URSUS-3 Capital, A.V., S.A. The law requires the ERIR to be authorized for the custody and administration of financial instruments (Article 8(4) of Law 6/2023), so the list can grow: check it before you choose.
Are tokenized shares crypto-assets regulated by MiCA?
No. They are still securities, and MiCA does not apply to financial instruments (Article 2(4)(a) of Regulation (EU) 2023/1114). Securities law governs them: Law 6/2023 and the Prospectus Regulation.
Why does Unknown Gravity appear first?
Because it publishes this guide. The numbering is not a quality ranking: none of the other companies paid to appear or reviewed its entry.
Official sources
- CNMV: entities and infrastructures appointed as ERIR
- CNMV: issues recorded by URSUS-3 Capital, A.V., S.A.
- ESMA: authorized DLT market infrastructures
- Spanish Companies Act, Article 92 (BOE)
- Law 6/2023 on Securities Markets and Investment Services, Articles 6-8, 11, 13, 35 and 36 (BOE)
- Royal Decree 815/2023, Article 2 (BOE)
- Regulation (EU) 2022/858, DLT pilot regime, Article 3 (EUR-Lex)
- Regulation (EU) 2023/1114 (MiCA), Article 2(4) (EUR-Lex)
Data verified as of October 14, 2026. Registers change: check them before you sign. This guide is published by Unknown Gravity, one of the companies it names. Talk to us.