Securities rules apply, not MiCA
A tokenized share in a property company is a financial instrument. Those follow MiFID II and Spanish securities law. MiCA is for crypto-assets and leaves financial instruments out.
Launch a tokenized real estate offering in Spain
Open a Spanish property to investors who cannot buy the whole building. A fractional offering sells shares in the company that owns it, so one round is filled by many instead of one.
Spanish law settled real estate tokenization in 2023
Ley 6/2023 gives securities registered on distributed ledger the same standing as a traditional book entry. Issuances go on a public CNMV register.
Someone must hold the register
Every issuance on a ledger needs a named company responsible for the register, and the CNMV lists it publicly. Ley 6/2023 sets this rule. Your lawyer decides who takes the role.
Without a prospectus: under 12 million euros
Raise less than 12 million euros over twelve months and you do not need a prospectus. In return, you can only sell to investors in Spain.
With a prospectus: no limit, all of Europe
Publish a prospectus approved by the CNMV and there is no limit on how much you raise. You can also sell across the whole EU.
How to start
1. Tell us about the property
What you own and what you want to raise. We say plainly whether this fits, including when it does not.
2. A Spanish lawyer joins
Our local partner lays out the routes, with or without a prospectus, and what each one costs you in time and reach. You choose, and they build the structure around that choice.
The legal work and the launch run in parallel. In Spain, entry on the CNMV register currently takes about two months, and that is the part that sets the pace.
Before you tokenize real estate in Spain
Is real estate tokenization legal in Spain?
Yes. Spain recognises securities registered on distributed ledger technology, supervised by the CNMV, and issuances are entered on a public register.
Do I need a licence?
The register of investors must be held by an entity licensed to hold financial instruments in Spain, and we connect one alongside the platform. What else applies depends on how the offering is structured, and your lawyer settles that on the first call.
Do I need a prospectus?
Not below twelve million euros over twelve months, which covers most single-asset and small portfolio deals. The ceiling rose from 8 million on 5 June 2026. Above it, or if you want to distribute across the EU, yes.
Who actually buys these?
Under the exemption, mostly Spanish and EU investors, since exempt offerings cannot be passported to professional investors across the rest of the EU. With an approved prospectus the pool widens to the whole union. We provide the platform, not the demand.
Last updated: 07-08-2026
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
- BOE. Ley 6/2023, de los Mercados de Valores y de los Servicios de Inversión
- CNMV. Comisión Nacional del Mercado de Valores
- EU Prospectus Regulation 2017/1129
- EU Listing Act. Regulation 2024/2809, threshold raised to €12m, applicable 5 June 2026
- MiCA. Regulation 2023/1114, article 2(4) exclusion of financial instruments
- EU DLT Pilot Regime. Regulation 2022/858