Real Estate Tokenization
in Spain
Spain is one of the most advanced EU markets for regulated security tokens. The law expressly allows DLT-represented securities with a new ERIR figure to safeguard investor rights, while MiCA is live with a Spanish transition window to December 30, 2025. As an EU member, Spain also applies MICA and MiFID regulations
EU MICA and MiFID II frameworks live
DLT-securities legally recognized (LMVSI Arts. 6–15)
ERIR (Entidad Responsable de la Inscripción y del Registro) approved and in market
DLT Pilot infrastructure maturing (BME/Iberclear)
Active market examples (Reental, Token City/ERIR issuances, OpenBrick build-out)
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EU MICA and MiFID II frameworks live
DLT-securities legally recognized (LMVSI Arts. 6–15)
ERIR (Entidad Responsable de la Inscripción y del Registro) approved and in market
DLT Pilot infrastructure maturing (BME/Iberclear)
Active market examples (Reental, Token City/ERIR issuances, OpenBrick build-out)
Why Spain is Attractive for Tokenization
Possible Routes for Tokenizing Property
in Spain
Security-token route (SPV/Fund/SOCIMI; DLT-represented securities)
Best for: Fractional equity or tokenized notes secured by property cash flows.
How: Asset held by Spanish SPV (S.L./S.A.), SOCIMI (REIT), or AIF/IIC.
Issue DLT-represented securities under LMVSI.
Offers follow the EU Prospectus regime (or exemptions); distribution via CNMV-authorized firms.Tokenized fund units / SOCIMI shares
Best for: Portfolio scale, recurring distributions.
How: AIF/IIC or SOCIMI issues units/shares; depositary/custody per funds law; ERIR runs DLT register.Utility-token overlays (non-security)
Best for: Access/timeshare/loyalty/fee reductions.
How:Issue MiCA Title II utility tokens alongside the security/loan instrument; keep them clearly non-securities.
Why: Enhances UX without mixing with investor rights.Offshore issuance + Spanish asset SPV
Best for: Global fundraising with offshore tokens.
How: Hold asset in Spansh SPV.
Issue tokens offshore; marketing into Spain/EU requires compliance with MiFID/MiCA/Prospectus.
Geo-block Spanish retail investors unless fully compliant.
Implemented Market Examples
Reental
A leading Spanish platform issuing tokenized loans (préstamo participativo) tied to rental properties. Fully CNMV-compliant with KYC/AML, payouts in stablecoins, and transparent documentation in Spanish. Over 100 assets tokenized, making Reental one of Europe’s largest active portfolios.
Token City × ERIR (Ursus-3 Capital)
Spain’s first regulated tokenized securities issuance, approved by CNMV under the ERIR framework. Sandbox projects (e.g., Dianelum €5m) have been executed, demonstrating a clear legal pathway for larger tokenized real estate deals.
BME/SIX × OpenBrick
Market infrastructure initiative where BME and SIX invested in OpenBrick to create a regulated platform for issuing, managing, and trading tokenized real estate securities. Designed for both primary offerings and future DLT-enabled secondary markets.
DLT Pilot rails (BME/Iberclear)
Iberclear, Spain’s central securities depository, is testing DLT rails for settlement of tokenized instruments under the EU’s DLT Pilot Regime (Reg. 2022/858). This positions Spain at the forefront of regulated secondary-market infrastructure in Europe.
The Solution with Tokenizer.Estate
Solutions Designed for Your Success
We support everyone from Real estate owner to Sovereign Funds
Property Developers
Scale your investor reach with fractional ownership and dynamic pricing tools
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Real Estate Firms
Offer innovative investment products with fractional ownership, automated payouts, and global KYC/AML onboarding
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High-Net-Worth Individuals
Gain liquidity and diversification with partial tokenization, while maintaining full control of your assets
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Real Estate Investment Funds
Broaden your investor base with retail access, automated dividends, and transparent blockchain reporting
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Financial Institutions
Enable compliant digital products with automated operations and full control over capital flows
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Frequently asked questions
Are real-estate tokens “securities” in Spain?
Who runs the on-chain register?
Do tokens replace the land registry?
Where can we trade?
See our full FAQ page for more details
Global Jurisdictional Coverage
Every market has its own rules. We’ve already built the structures to make tokenization work — from Europe to Asia to the Middle East. Launch with confidence, wherever your investors are
Last updated: 2025-10-01
The information on this page is for general informational purposes only and does not constitute legal, financial, investment, or tax advice.
Tokenizer.Estate provides a platform for real estate tokenization and connects you with licensed local partners, but we do not provide legal or regulatory guidance.
Please consult qualified professionals in your jurisdiction before making any investment or tokenization decisions.
Sources & References
- LMVSI (Law 6/2023) / ERIR & DLT representation: https://www.boe.es/
- CNMV (ERIR, MiCA, ads Circular 1/2024): https://www.cnmv.es/
- EU DLT Pilot Reg. 2022/858: https://eur-lex.europa.eu/
- Prospectus Regulation 2017/1129: https://eur-lex.europa.eu/
- BME / Iberclear (DLT initiatives): https://www.bolsasymercados.es/
- Reental (case model): https://reental.co/
- Token City (issuances & ERIR): https://tokencity.com/
- Cinco Días / PostTrade360° (market coverage): https://cincodias.elpais.com/ | https://posttrade360.com/