--- title: "Security Tokens (STO)" url: "https://www.unknowngravity.com/en/servicios/security-tokens" site: Unknown Gravity published: "2025-01-22T12:00:40+00:00" modified: "2026-07-15T10:51:34+00:00" language: en-US description: Security tokens are digital assets that represent ownership of a real asset, such as stocks, real estate or funds. At Unknown Gravity, we offer advanced solutions for the issuance of security tokens. section: "Home > Security Tokens (STO)" --- # Security Tokens (STO) > A security token is a transferable security represented through distributed ledger technology. In Spain it is governed by Law 6/2023 (LMVSI) and MiFID II, not by MiCA, and its issuance requires appointing an entity responsible for registration and record-keeping (ERIR). Unknown Gravity structures the issuance, the registry and regulatory compliance. PERSONALIZED DEVELOPMENT REGULATORY FIT, MARKET BY MARKET MULTI-JURISDICTION SCOPE [Book a meeting](/en/meeting) A security token is a transferable security represented through distributed ledger technology. In Spain it is governed by Law 6/2023 (LMVSI) and MiFID II, not by MiCA, and its issuance requires appointing an entity responsible for registration and record-keeping (ERIR). Unknown Gravity structures the issuance, the registry and regulatory compliance. **A security token represents on blockchain rights over an asset or a financial instrument: equity, debt or economic rights with real legal backing.** At Unknown Gravity we design and develop security token issuances within the European and Spanish framework: MiFID II, Law 6/2023 (LMVSI) and the **ERIR** (the entity responsible for registering and recording securities represented by distributed ledger technology, Arts. 7 and 8 of Law 6/2023) regime (the entity responsible for the registration and record-keeping of the securities). MiCA does not apply here: it excludes crypto-assets that qualify as financial instruments (Art. 2(4)(a) Regulation (EU) 2023/1114; Arts. 6-8 LMVSI, BOE-A-2023-7053). ## 01 / What are Security Tokens and how do they help your project? A security token is a regulated financial product (a share, a bond, a unit in a fund) that, instead of being recorded in a company register or in a bank book entry, is recorded on a blockchain. The rules do not change: what changes is the ledger it is written in. They are used to represent shares in public limited companies, debt or units in funds, which also follow their own collective investment regime (Art. 2 LMVSI, BOE-A-2023-7053; Law 35/2003, BOE-A-2003-20331). Our team of blockchain experts is responsible for creating solutions adapted to the needs of your project, so that the tokenization is efficient and fits the applicable rules. ## 02 / The importance of regulatory compliance in Security Tokens **At****Unknown Gravity****, we understand that compliance with laws is critical to the long-term success of blockchain projects.** Our security tokens are designed to **fit the regulation of each jurisdiction** where they will be issued and marketed, with the transfer restrictions that regulation imposes. Compliance is assessed market by market: there is no single issuance valid everywhere at once. ## 03 / The real framework for security tokens: LMVSI, ERIR and ERC-3643, not MiCA A security token that qualifies as a financial instrument is not governed by MiCA but by securities market regulation: in Spain, **the LMVSI** allows negotiable securities to be represented using distributed ledger technology and entrusts their registration to an **ERIR** (the entity responsible for registration and record-keeping), appointed in the issuance document and which must be one of the entities authorized to provide safekeeping and administration of financial instruments (Arts. 8(4) and 126(a) LMVSI, BOE-A-2023-7053). MiCA applies to other cryptoassets and their service providers. On the technical side we work with standards designed for regulated issuances, such as **ERC-3643**, which builds into the token itself the identity verification and transfer restrictions required by regulation. Our job is to make the technology and the legal structure fit together from day one: we structure the issuance alongside your legal advisors, develop and audit the smart contracts, and leave you with operations ready for regulatory scrutiny. 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. ### Custody of the issued token An issuance has to decide where the keys live and who authorises each movement. We address that design in [crypto wallet and custody development](https://www.unknowngravity.com/en/servicios/crypto-wallet-and-custody-development). FAQ ## Frequently asked questions **How does Unknown Gravity help in creating Security Tokens?** We specialize in the design and development of security tokens, from initial concept to issuance. In a securities issuance the reference document is the issuance document and, where the offer to the public does not fall within an exemption, the prospectus approved by the CNMV. The MiCA white paper is a different document and does not apply here. That fit is something we work out together with your legal advisors (Arts. 7 and 35 LMVSI, BOE-A-2023-7053). **How does Unknown Gravity approach the legal compliance of Security Tokens?** We work with lawyers and regulatory experts so that the issuance fits the regulation of each jurisdiction where it will be marketed. The legal qualification is confirmed by local counsel in each country; we provide the technical structure and the transfer controls that qualification requires. **What types of assets can be tokenized as Security Tokens?** Not every asset can be tokenized as a security token. It takes a right that is identified and enforceable off-chain (a share, a bond, a credit right) and a legal structure that supports it. On that basis, issuances can be built around real estate, the share capital of public limited companies, debt or exploitation rights (Arts. 2 and 6 LMVSI, BOE-A-2023-7053). **Unknown Gravity is responsible for developing tailor-made solutions for the tokenization of the most diverse assets.** This page is informative. It is not legal, tax or investment advice, and it does not replace a case-by-case review. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu). RELATED SERVICES [Blockchain consulting for companies](/en/servicios/consultoria-blockchain) [Tokenomics](/en/servicios/tokenomics) [Whitepapers](/en/servicios/whitepapers) [White label tokenization platform](/en/servicios/plataforma-tokenizacion-marca-blanca) [Real World Assets (RWA)](/en/servicios/real-world-assets-rwa) [All blockchain services](/en/servicios)