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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.

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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.


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

Yes, it is completely legal to invest and operate with cryptocurrencies in Spain. However, it is important to be aware that these operations are subject to anti-money laundering (AML) regulations and must comply with the corresponding tax obligations. Our team can advise you to ensure that your cryptocurrency transactions are conducted securely and in compliance with the law.
Depending on the nature of your blockchain project or STO, you may need to register it with the CNMV, especially if the tokens issued are considered financial securities. We can help you determine if your project requires registration and, if so, guide you through the process of compliance and submission of the necessary documentation.
GDPR compliance is crucial for projects that process personal data within the EU. This includes implementing technical and organizational measures to protect data, ensuring transparency in data processing and providing users with rights over their data. We offer specific advice to integrate these privacy practices in your blockchain project from its conception.
Protecting the intellectual property (IP) of your project is essential to maintain your competitive advantage. This may include the registration of trademarks, patents for innovative technologies and copyrights for software and digital content. Our team can advise you on the best IP strategy for your project, helping you to identify and register your relevant IP assets.

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