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Blockchain Legal Advisory Services in Spain
Regulation of Tokenization in Spain: The Role of the CNMV
The Comisión Nacional del Mercado de Valores (CNMV), as Spain’s securities market regulator, plays a crucial role in the supervision and regulation of Security Token Offerings (STOs) and other tokenization projects.
- Regulatory Compliance: All tokenization projects must comply with all applicable regulations, including investor protection, anti-money laundering (AML) and counter-terrorist financing (CFT) laws.
- Registration and Authorization: Issuers of STOs must register with the CNMV and obtain the necessary authorizations before launching their projects to the public.
- Transparency: Full disclosure of information about the project is required, including risks, the business model, the rights granted by the tokens, and details about the custody and management of the underlying assets.
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Legal aspects to be taken into account for blockchain projects in Spain
Money Laundering Prevention (AML) and KYC
Cryptocurrency operations must implement robust Know Your Customer (KYC) procedures and comply with anti-money laundering laws.
GDPR and Organic Law on Personal Data Protection
The management of personal data within blockchain applications must comply with the EU General Data Protection Regulation (GDPR) and the corresponding Spanish legislation.
Legality and Enforceability
Although smart contracts allow the automation of agreements in blockchain, their validity and legal enforcement must be aligned with Spanish contract law.
Our legal services in Blockchain
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Integral Advice on Crypto-assets Regulation
We provide expert guidance on the regulatory framework applicable to cryptoassets in Spain, including classification of tokens, compliance with CNMV and Bank of Spain regulations, and guidance on the issuance of tokens not considered securities.
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Compliance Strategies for STOs and DeFi
We offer specialized advice on the legal structuring of Security Token Offerings (STOs) and Decentralized Finance (DeFi) projects, ensuring compliance with Spanish and European Union financial laws, including securities public offering regulations.
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Data Protection and Privacy
We assist in the implementation of data protection and privacy policies that comply with GDPR and Spanish legislation, fundamental for projects that handle personal data within the blockchain.
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What is an STO?
A Security Token Offering (STO) is a form of fundraising using digital assets that represent real rights to financial assets, such as real estate or shares in companies, regulated by financial laws. STOs differ from Initial Coin Offerings (ICOs) in that the tokens issued are backed by tangible assets and strictly adhere to regulatory requirements.
The CNMV regulation provides a framework of security for both token issuers and investors, promoting confidence in the tokenization market in Spain. CNMV supervision ensures that only sound and transparent projects reach the market, thus protecting investors from fraud and malpractice.
Frequently Asked Questions Blockchain regulation and tokenization in Spain
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