SPAIN Law and Practice Contributed by: Alfonso López-Ibor Aliño, Olivia López-Ibor Jaume and Victoria Moreno Motilva, López-Ibor Abogados
López-Ibor Abogados C/ López de Hoyos 35 28002 Madrid Spain Tel: +34 915 21 78 18 Email: info@l-ia.com Web: www.lopez-iborabogados.com/en
A significant development over the past year has been the consolidation of Spain’s legal framework for tokenised securities. Law 6/2023 on Securities Mar- kets and Investment Services (the “LMV”) formally includes DLT-based financial instruments under its scope, permitting the issuance, registration, transfer, and storage of securities through blockchain sys- tems. The LMV introduces a third form of representa- tion of securities – alongside paper certificates and book entries – through DLT-based systems, without imposing quantitative caps analogous to those in the EU DLT Pilot Regime. Under this framework, an entity responsible for the management of the entry and reg- ister (ERIR) must be designated for each issuance, performing functions equivalent to those of a central securities depository. Furthermore, Securitize has received CNMV authorisation to operate a DLT Trad- ing and Settlement System under the EU DLT Pilot Regime, making it the first such infrastructure author- ised in Spain and positioning it to bridge tokenised securities markets between the United States and the European Union. Current use cases commonly being explored include: • tokenisation of financial and real-world assets (RWAs), encompassing equities, debt instruments, and funds; • DLT-based market infrastructure for settlement, clearing, and registry solutions under both the LMV and the DLT Pilot Regime; • enterprise blockchain applications for logistics, provenance, green energy verification, and certifi- cation; • digital identity and credentialing initiatives aligned with EU eIDAS 2.0 developments; and
1. Overview of Blockchain and Crypto- Assets 1.1 Blockchain 1.1.1 Evolution of Uses of Blockchain In Spain, blockchain adoption continues to be driven primarily by the financial sector, particularly in tokeni- sation of financial instruments, digital securities infra- structure, custody solutions, and blockchain-based payment rails. Over the past 12 months, develop- ment has been significantly shaped by the phased implementation of Regulation (EU) 2023/1114 (here- inafter MiCA), which has accelerated regulatory con- solidation, increased compliance sophistication, and encouraged a shift towards more institutional-grade business models. The Spanish Securities Market Commission (CNMV) acts as the primary competent authority and is respon- sible for authorising and supervising crypto-asset service providers (CASPs) under MiCA, superseding the former AML-focused registration regime main- tained by the Bank of Spain. During the grandfather- ing period – which Spain extended from an initial 12 months to 18 months – ie, until 1 July 2026 – existing CASPs may continue operating under prior national authorisation. As of the date of writing, the CNMV has authorised several entities to operate as CASPs under MiCA, including BBVA, Openbank, Cecabank, Bit2Me, and Renta 4. Outside the financial sector, adoption remains more limited but includes use cases in supply chain traceability, green energy verification, public-sector record certification, digital identity, and data integrity applications.
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