Legal certainty in real estate asset tokenisation is key to ensuring the success of the model 

This milestone goes beyond the technical realm; it represents another step in the institutional recognition that tokenisation as a new investment model based on blockchain technology.

The approval in Spain by the National Securities Market Commission (CNMV) of the first Responsible Entity for Registration and Record-Keeping (ERIR) for negotiable securities represented through distributed ledger technology (tokenised securities) marks a decisive step towards consolidating the tokenised asset ecosystem in the country.

This CNMV-authorised entity acts as a guarantor of the quality and traceability of the information associated with a tokenised securities issuance. Its main functions include, among others, ensuring the integrity and immutability of issuances; providing holders with access to clear, complete, accurate, and up-to-date documentation; and managing the exercise of rights to receive interest, dividends, and other economically relevant corporate events.

This milestone goes beyond the technical field; it represents yet another step in institutional recognition that tokenisation as a blockchain-based investment model is no longer merely a promise, but a reality. For this reason, a solid regulatory framework is essential to structure the entire investment process —from the primary to the secondary market— protecting investors and thereby fostering investment in tokenised securities.

Currently, the most attractive model in Spain for real estate investment through token purchases is that structured via participative loans or other securities representing analogous economic rights. Investment can also be structured through corporate vehicles or other securities, depending on the needs of each real estate project. What is crucial is that this model democratizes access to such investments and potentially provides greater liquidity than traditional investments.

Spain is at a regulatory inflection point for crypto-assets. The MiCA Regulation, applicable since 30 December 2024, establishes a harmonised regime for crypto-assets across the EU. However, for tokens that possess the characteristics of financial instruments —which is the case for most token issuances in real estate projects— traditional financial regulations continue to apply: the Securities Market Law and Investment Services Law. These regulations, in an effort to adapt to the blockchain ecosystem, have been amended through initiatives such as the creation of the ERIR, which helps clarify the process for issuing and registering tokenised securities, ensuring transparency and security standards.

One of the major challenges facing tokenisation in Spain is the need to protect retail investors, who may participate in an operation with as little as 100 or 1,000 euros. In practice, the absence of adequate safeguards can undermine the security of opportunities that, if properly executed, have enormous profit potential.

For this reason, it is essential to support tokenisation models that are legally robust, where sector-specific regulation acts not as a barrier but as a catalyst. Legal certainty not only protects individual investors but also facilitates the entry of professional operators, raising market standards across the board.

En este contexto, la autorización de ERIR por parte de la CNMV marca el inicio de una fase de equiparación de requisitos regulatorios entre emisiones de valores tradicionales y valores representados en TRD. Es más, los requisitos regulatorios son mayores en el segundo caso, ya que se exige la superación del proceso de validación por parte de la ERIR, además de los requisitos generales aplicables a cualquier tipo de emisión. Además, se deben asegurar mecanismos de trazabilidad y registro que impidan el uso fraudulento o la doble venta. Como ya ha señalado PwC en su informe sobre criptoactivos de enero de 2025, este tipo de herramientas regulatorias contribuyen de manera decisiva a reforzar la transparencia del mercado y a generar confianza entre los inversores.

La tokenización inmobiliaria no solo exige cambios en el ámbito regulatorio financiero, sino también en el ámbito mercantil, civil, registral o fiscal. En este sentido, aún quedan notables desafíos legales, tales como la regulación de la propiedad tokenizada en el Registro de la Propiedad, el tratamiento fiscal de las transmisiones de tokens entre particulares o la responsabilidad de las plataformas emisoras cuando se producen fallos en el contrato inteligente que gestiona la operación.

In this context, the CNMV’s authorisation of ERIR marks the beginning of a phase in which regulatory requirements for traditional securities and securities represented via DLT are aligned. In fact, regulatory requirements are more stringent for the latter, as they must undergo validation by the ERIR in addition to the general requirements applicable to any issuance. Moreover, mechanisms for traceability and registration must be ensured to prevent fraud or double-selling. As noted by PwC in its January 2025 crypto-assets report, these types of regulatory tools play a decisive role in enhancing market transparency and building investor confidence.

Javier Pascual Maldonado, Partner, act legal Spain

Published in Cinco Días.