Digital Assets

Digital assets are representations of value, rights or property that exist and are managed through digital technology, typically on blockchain, allowing for greater transparency, traceability and automation.

For a company, what is important is not the technical definition, but what type of digital asset makes sense for your business model. Broadly speaking, we can classify them into three key categories:

Native digital assets

They are assets that are born and exist directly on blockchain.

Examples:

• cryptocurrencies such as Bitcoin or Ether
• utility tokens of a decentralized application
• governance tokens

Business opportunity:
They allow you to create your own digital ecosystems, encourage the use of platforms, align users and companies, or enable new participation models.

Tokenized Real World Assets (RWA)

Real World Assets (RWA) are physical or financial assets represented digitally through tokens.

Examples:

• tokenized properties
• shares in a public limited company (S.A.) and bonds
• commodities
• economic rights

Quotas in a Spanish private limited company (S.L.) cannot be tokenized: the law bars representing them by certificates or book entries, they never qualify as securities and their transfer requires a public deed, so an S.L. wishing to open its capital this way must first convert into an S.A. (Art. 92(2) of the Spanish Companies Act, BOE-A-2010-10544).

Business opportunity:
Tokenization makes it possible to fractionalize the investment and open up the capital without losing control, including in SMEs and family businesses. Fractionalizing does not create liquidity on its own: for liquidity to exist there must be a market and a counterparty willing to buy.

Collectible and identity digital assets

They mainly include NFTs, but their value goes far beyond digital art.

Examples:

• certificates of authenticity and origin
• digital memberships
• verifiable identity and credentials
• licenses or rights of use

Business opportunity:
They allow you to create direct relationships with customers, new loyalty models and verification systems that cannot be altered once recorded.

What is immutable is the record, not the link with the real-world thing: that link depends on who certifies it in the first place. With real estate, moreover, transferring the token does not change ownership: title passes by public deed and is entered in the Land Registry (Art. 609 of the Spanish Civil Code, BOE-A-1889-4763).

Digital assets are not an abstract technology. Their impact is measured sector by sector.

Real estate sector

Use of digital assets for:

• fractionalization of the economic rights over the property
• investor management
• faster transactions
• greater transparency

Real estate tokenization reduces barriers to entry and improves capital efficiency.

Logistics and retail

Application of NFTs and digital assets for:

• product traceability
• certification of origin
• fight against counterfeiting
• consumer confidence

Especially relevant in luxury products and food.

Art, culture and entertainment

Digital assets allow:

• new monetization models
• direct relationship with fans
• copyright management
• recurring revenues

The digital asset becomes channel, product and contract at the same time.

Corporate and business finance

Use of digital assets for:

• issuance of tokenized bonds
• capital management using security tokens
• automation of financial processes

In Spain the law allows transferable securities to be represented through distributed ledger systems, and it requires two things: an issuance document setting out what is issued and on what terms, and the appointment of an entity responsible for the recording and registration of those securities (Arts. 6 to 8 of Law 6/2023 (LMVSI), BOE-A-2023-7053).

Some banks have already issued tokenized bonds in controlled pilots. These are bounded operations, not an open market: they show that the infrastructure works, not that any particular case is viable.

One of the biggest mistakes is to think that digital assets operate “outside the system”.

In reality, their business adoption requires a rigorous analysis of the legal framework.

Regulation in Spain and the role of the CNMV

In Spain, the CNMV oversees projects that can be considered financial instruments or investment products.

Where a digital asset represents:

• economic rights
• equity interests in a company
• profitability expectations

it may be subject to supervision or authorization.

MiFID II or MiCA: which framework applies to each digital asset

In Europe, projects must analyze two key frameworks:

• MiFID II: applies when digital assets are in the nature of a financial instrument (security tokens).
• MiCA: regulates asset-referenced tokens and e-money tokens, which require prior authorization of the issuer, all other crypto-assets, subject to a white paper, and crypto-asset service providers (Regulation (EU) 2023/1114).

The two frameworks are mutually exclusive: they never apply at the same time. You first determine whether the digital asset carries rights typical of a regulated financial product. If it does, MiFID II and the LMVSI apply and MiCA is out of scope. If it does not, MiCA applies. Documentation, supervisor and eligible buyers all follow from that decision, not from the technology (Art. 2(4) of Regulation (EU) 2023/1114).

How can your company create and manage digital assets with security and legal compliance?

This is where strategy makes the difference.

At Unknown Gravity we act as a technological and strategic partner, not as a one-off supplier.

Digital Asset Strategy and Consulting

We help define:

• what type of digital asset makes sense
• the business model and tokenomics
• legal and regulatory viability

Tokenization of assets and creation of tokens

We design:

• real-world asset tokenization (RWA)
• creation of native digital assets
• structures adapted to each company

Always with coherence between legal reality and technology.

Blockchain development and technical infrastructure

We develop:

• smart contracts
• blockchain infrastructures
• integrations with existing systems

With a focus on security, scalability and long-term maintenance.

Regulatory compliance and ongoing support

From the start, we integrate:

• regulatory analysis (MiFID II, MiCA)
• governance of the digital asset
• transfer and management controls

So that the digital asset grows with the company rather than becoming a risk.

Adopting digital assets is not about “issuing a token” or “using blockchain”, but about making a series of strategic, technical and legal decisions in the right order. This process makes the difference between a useful digital asset and one that never provides real value.

Identify the business objective before the digital asset

The first step is not technological, but strategic.
Every company must answer questions such as:

• Am I looking for funding, operational efficiency or new revenue?
• Do I want to improve the liquidity of an asset or create a new one?
• Will the digital asset be internal, for customers or for investors?

A well-designed digital asset solves a specific problem; it does not add unnecessary complexity.

Choosing the right type of digital asset

Not all models require the same type of asset:

• native tokens for digital ecosystems
• tokenized real world assets (RWA) for investment or funding
• NFTs for identity, certification or relationship with customers

Choosing the wrong type of digital asset usually generates legal risks or lack of adoption.

Analyze the legal and regulatory impact from the start

One of the most common mistakes is to leave regulation until the end.

Depending on the case, a digital asset can:

• be subject to MiFID II if it is a financial instrument
• be affected by MiCA as a crypto-asset
• require a prospectus approved by the CNMV, or fall within an exemption
• need specific contractual structures

Early legal analysis saves time, costs and future blocks.

Designing technical architecture and governance

A business digital asset must clearly define:

• Who can issue it
• Who can transfer it
• What happens in key events (sale, redemption, expiration)
• How it is updated or evolved

Governance is as important as the smart contract.

Scaling the digital asset in a sustainable way

A digital asset doesn't end with its issuance.
You must be able to:

• integrate with existing systems
• adapt to business growth
• meet new regulatory requirements
• remain auditable over time

At Unknown Gravity we work with digital assets as strategic infrastructure, not as isolated experiments.

This content is for information purposes. It is not legal, tax or investment advice and does not replace consulting a professional. Regulation on tokenization and crypto-assets keeps evolving: check the current version of the rules cited on BOE and EUR-Lex.

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