Spain“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
Asset tokenization in Spain
We build the platform to tokenize debt, shares and revenue rights in Spain: investor onboarding, ERC-3643 tokens and ERIR integration, coordinated with the law firm that structures the issuance under Law 6/2023 or MiCA.
Tokenize your asset
They trust Metlabs to tokenize their assets
Why Spain
Why tokenize assets in Spain?
Spain has allowed securities to be issued on DLT since Law 6/2023 and has had an authorized ERIR since 2024. The CNMV register already lists 21 tokenized issuances, most of them bonds, and in 2025 the CNMV authorized the first DLT trading and settlement system. For an issuer, the decision is which right to tokenize and on what infrastructure.
What gets tokenized
Debt, equity and revenue: what gets tokenized in Spain
Almost every tokenized issuance represents one of these three rights against the issuer. The right determines the vehicle, the applicable law and who keeps the register, and it is settled before the network or the token standard.
| Right | Debt | Equity | Revenue |
|---|---|---|---|
| What is issued | Bonds and notes | Shares | Revenue rights |
| The investor receives | The investor lends to the issuer and receives interest and, at maturity, the principal. | The investor joins the share capital: dividends, voting rights and a share of any sale or liquidation. | The investor receives a share of the income from an asset: rents, energy sold, sales or royalties. |
| The token enforces |
|
|
|
| Issuer | S.A. or S.L. | S.A. only | S.A. or S.L. |
| Register | ERIR | ERIR | ERIR if it is a security |
| Law | Law 6/2023 | Law 6/2023 | Law 6/2023 or MiCA |
| How it is issued | They are transferable securities; once tokenized, they are recorded on DLT with an ERIR. An S.L. can issue them up to twice its equity, unless secured. It is the most used route: 17 of the 21 issuances recorded with the CNMV. | Holdings in an S.L. are not securities and are transferred by public deed, so they cannot be the token. That is why some issuers convert into an S.A. before issuing. | Classification is decided case by case: if it is a financial instrument, Law 6/2023 applies; if not, and it is fungible, it may fall under MiCA. Contractually, it takes the form of a profit-participating loan or a joint venture account. |
Regulation
Regulation guide for SpainWhich regulation applies to tokenization in Spain?
It depends on the right the token represents. If it is a financial instrument, such as a bond or a share, it follows Law 6/2023 on Securities Markets and the CNMV supervises it. If not, it may fall under MiCA, the EU crypto-asset regulation, which excludes financial instruments and unique, non-fungible tokens.
A security represented on DLT needs an entity responsible for its registration and recording, the ERIR, authorized to hold securities in custody. The issuer can only take that role if it holds the authorization. The CNMV records the ERIR of each issuance in a public register and warns that the entry does not validate the terms of the issuance.
There are three routes to investors: an offer with an approved prospectus; an exempt offer, which requires an entity authorized to provide investment services if it is advertised to the general public; or a crowdfunding platform authorized by the CNMV. We coordinate the structure with specialist law firms, and authorized entities provide the regulated services.
Spain
FavourableScore100
- Scope
- European Union
- Authorities
- CNMV, Banco de España, SEPBLAC
- Latest regulatory change
- Oct 2026
Applicable frameworks
| Framework | Applies to | Key authorisations |
|---|---|---|
| MiCA | Professional crypto-asset services | CASP authorisation or Article 60 entitlement |
| MiFID II · LMVSI | Tokens that qualify as financial instruments | Investment firm authorisation, where applicable |
| PSD2 | Certain payment services involving EMTs | Payment authorisation or PSP arrangement, where applicable |
Our legal partners
Methodology
How we tokenize an asset in Spain, step by step
The four phases of our methodology, with the parties involved in Spain. The law firm and our engineering team work in parallel from the asset review to investor acquisition.
We review the asset's title, encumbrances and cash flows, and decide with the issuer whether the token will be debt, shares or a revenue right. That sets the vehicle, an S.A. or an S.L., the amount and the rules of the issuance.
The law firm classifies the token, drafts the issuance document and chooses the offer route: prospectus, exempt offer with an authorized entity or crowdfunding platform. If the token is a security, the issuer appoints the ERIR.
We configure the white label platform with your brand: investor onboarding with KYC, signature, payment and ERC-3643 tokens carrying the offer's rules. The ERIR connection and coupon or dividend schedules are custom development.
With the issuer and, where there is one, the placing entity, we prepare the offer page and measure the journey to a paid subscription. After the issuance, the platform handles distributions, transfers between verified investors and reporting.
Milestones
Tokenization milestones in Spain
The dates that brought DLT securities issuance into production in Spain, taken from our regulation guide. Each milestone links to its source.
See the full timelineDLT securities and the ERIR role in Spanish law
Law 6/2023 generally takes effect. Articles 6 and 8 address transferable securities represented using DLT and the entity responsible for administering their registration and record-keeping, known as an ERIR.
BOE · Law 6/2023Ursus-3: first entity enabled to act as an ERIR
Ursus-3 Capital dates its authorisation to provide custody and administration of DLT securities, enabling it to act as Spain’s first ERIR, to this day. The entity’s eligibility precedes its registration as ERIR for a particular issuance.
Ursus-3 · Authorisation date and scopeUrsus-3 registered as ERIR for the Dianelum issuance
The CNMV registers Ursus-3 as ERIR for Dianelum’s bond issuance. This records application to a specific issuance; the register warns that registration does not validate its terms or the information provided by the issuer.
CNMV · Dianelum issuance registerCNMV announces the first DLT trading and settlement system
The CNMV announces Securitize’s authorisation as the first DLT trading and settlement system authorised by the Spanish supervisor. It combines trading and settlement of financial instruments under the EU pilot regime; this is not a CASP licence.
CNMV · Securitize authorisation announcement
Reviews in Spain
What do our clients think of Metlabs?
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
Platform
What does our white label tokenization platform include?
The investor portal, ERC-3643 tokens and issuer console, under your brand. Out of the box it handles onboarding, signing, payment and distributions; anything else your issuance needs, such as a local payment method or a connection to your bank or custodian, we build on the same platform.
Request a demo
- Your brand and domainYour visual identity and legal texts across the investor portal.
- Investor onboardingSign-up, KYC, KYB and AML checks, and a custodial wallet per investor.
- End-to-end investmentE-signature and payment by SEPA transfer or stablecoin (USDC/EURC).
- ERC-3643 tokensEvery subscription is issued under the offering's rules.
- Issuer consoleProjects, investors, reconciliation, distributions and reporting.
- Compliance and audit trailKYC status per user and an exportable audit log.
Institutional custody, integrated
We integrate custody and key management providers through their APIs, including Fireblocks, BitGo, Coinbase Prime, Anchorage Digital, Copper and Ledger Enterprise. Depending on the provider and model, keys are managed with MPC or multisig so that none depends on a single device. If the token is a security, custody on behalf of clients is provided by an authorized entity.
FAQ
Frequently asked questions about tokenization in Spain
What we are asked before a project starts.
Talk to our teamIs asset tokenization legal in Spain?
Yes. Law 6/2023 allows transferable securities, such as bonds and shares, to be represented using distributed ledger technology, and MiCA regulates crypto-assets that are not financial instruments. What requires authorization is the activity: keeping the register, placing the issuance or holding assets in custody for others.
Can a Spanish limited company (S.L.) be tokenized?
Its holdings cannot be the token: the law says they are not securities and cannot be represented by book entries, and their transfer requires a public deed. An S.L. can issue tokenized bonds, up to twice its equity unless secured, or convert into an S.A. to tokenize its shares.
How much can be raised without a prospectus in Spain?
It depends on the route. A crowdfunding platform allows up to €5 million per project owner over 12 months. Outside it, the exemption threshold is set by the Prospectus Regulation, which the EU Listing Act revised in 2024, and Spanish law is still to be adapted. The law firm confirms it for each offer.
Does the token give ownership of the property?
Not by itself. In Spain the token represents a right against the issuer: a bond, a share in the owning company or a right to its rents. The property stays recorded in the Land Registry in its owner's name, usually the issuing company, and the issuance documents set out what the investor acquires.
Asset tokenization
Assets we tokenize in Spain.
Asset tokenization
Articles on tokenization in Spain
ERIR in Spain: roles and requirements for tokenized securities
ERIR functions, authorization, and responsibilities in Spain, with practical criteria for DLT registration, incident management, and issuance planning.
Security tokens in Spain: regulation and issuance steps
Security tokens in Spain: rights, documentation, DLT representation and responsible register operators before issuing securities.
Real estate tokenization in Spain: legal structure and practical 2026 guide
How to structure real estate tokenization in Spain: legal vehicle, token rights, MiFID II, liquidity, costs and risks to validate before issuance.
Tokenize your asset in Spain
Tell us which right you want to issue and we will propose the technical structure, timeline and phased budget.
Where we are
We're your tokenization company in:
Metlabs Offices
Av. García Sabell, 1, Edificio Proa 15009 A Coruña, Spain
We tokenize assets in
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