Tokenization in Spain: from Licenses to Real Sales

Tokenization in Spain: from licenses to real sales

Overview

Where does tokenization in Spain really stand? Using the metaphor of “opening a shop,” this MERGE Madrid panel brings together Reental, BNP Paribas Securities Services, Prosegur Crypto, Allfunds and AC Valor (along with a regulatory expert and a software company) to review the regulatory framework, the products already live, the market infrastructure and, above all, how clients arrive.

What you'll learn

• Regulatory framework: MiCA, MiFID, the ERIRs and the pilot regime in Spain
• Primary and secondary: why Spain still lacks market infrastructure
• Real cases: real estate, tokenized funds and tokenized gold
• Bank of Spain sandbox: live experiments with a secondary market
• Software and experience: making investing simple for retail
• How clients arrive: retail, institutional and the liquidity challenge

Session summary

The regulatory framework: according to the talk, tokenized financial instruments can already be issued in the primary market with an ERIR (the Spanish figure authorized by the CNMV), while secondary trading depends on the pilot regime and Spain still lacks DLT market infrastructure; for an e-money token, MiCA applies.

Real estate: Reental describes the journey of launching a product before regulation, the need to drive an ERIR forward and international expansion, stressing that the big challenge is acquiring clients and “evangelizing” about the technology.

Funds: BNP Paribas Securities Services explains the value of tokenization in fund distribution (less fragmentation, faster settlement, new uses such as collateral) and the live case of an AC Valor tokenized fund on the Allfunds network within the Bank of Spain sandbox.

Gold: Prosegur Crypto presents the tokenization of physical gold (each token represents one gram, with segregated custody and 1:1 backing), clarifying that it is not a financial investment product nor transferable and that the company itself acts as counterparty.

Software and demand: the software company highlights the strong demand for issuance solutions and the importance of simple interfaces for retail investors, with Latin America (Mexico, Colombia, Argentina) as a high-potential market due to financing constraints.

Challenges and clients: the panel agrees on the need for more ERIRs, secondary markets, supervisory convergence in Europe and broadening the scope (for example to private equity and private debt), and that the sector's maturity makes it easier for retail and institutional clients to arrive.

Watch the full talk

Watch the full recording on MERGE's YouTube channel, with Reental, BNP Paribas Securities Services, Prosegur Crypto, Allfunds and AC Valor on the state of tokenization in Spain.

FAQs

What is an ERIR?
According to the talk, the Spanish figure (entity responsible for registration and recording) authorized by the CNMV that enables issuing tokenized financial instruments in the primary market.

Can assets already be tokenized in Spain?
According to the talk, yes in the primary market with an ERIR; secondary trading still needs market infrastructure under the pilot regime.

Is tokenized gold an investment product?
According to the talk, in the case described it is not: it is not transferable and the company always acts as counterparty in the buying and selling.

Is this investment advice?
No. This content is informational and summarizes what was presented in the panel; it does not constitute investment or legal advice. Consult a professional for your specific situation.