Real Estate Tokenization in Spain: What Is Legal Today

A real estate token does not put your name on the deed of any apartment. What you buy, in almost every case that works in Spain today, is shares or debt of a company that owns the property, and that difference determines which law protects you, who supervises you and what you can claim if something goes wrong.

Updated on November 13, 2026

Real estate tokenization in Spain is the issuance, on a blockchain, of tokens representing economic rights linked to a property (almost always shares or holdings in the owning company, bonds or loans, or rights to collect rental income), while ownership of the property remains in that company’s name in the Land Registry. When the token is a transferable security, it is governed by Law 6/2023 on Securities Markets and supervised by the CNMV; MiCA only comes into play if the token is not a financial instrument.

Imagine a friend tells you over dinner that he has bought «a little piece of an apartment in Málaga» from his phone, for 100 euros. His name is not on any deed: he has an entry on a blockchain stating that he is a shareholder or creditor of a company.

What is really tokenized when a property is tokenized

In Spain, ownership of a property is not transferred with a token. The Civil Code requires a public document for acts that create or transfer rights in rem over real estate (article 1280), and in a sale executed by public deed, the execution of the deed is equivalent to delivery (article 1462). For that sale to be entered in the Land Registry, the title must be recorded in a public deed or authentic document (article 3 of the Mortgage Law). Notaries and registrars remain in place.

That is why the usual structure is this: a special purpose vehicle buys the apartment before a notary and registers it in its name. Tokenization then happens «one floor up», in the financing of that company. There are three formulas:

• Equity: the token represents shares or holdings in the owning company. You are a shareholder, entitled to dividends and a portion of the price if it is sold.
• Debt: the token represents bonds or loans (sometimes participating loans) that the company repays with interest. You are a creditor, not an owner.
• Collection rights: a contract gives you a share of the rental income or the capital gain. This is the formula with the most gray areas, because everything depends on how the contract is drafted.

When the token is a transferable security: Law 6/2023

Law 6/2023, of March 17, on Securities Markets and Investment Services defines a transferable security as «any right of a patrimonial nature» that can be traded generally on a financial market (article 2). Shares or bonds qualify even if they live on a blockchain. The CNMV, in its FAQs on DLT-based financial instruments, calls for a case-by-case analysis of the token’s rights «abstracting from the technological wrapper».

The novelty of this law is that it allows transferable securities to be represented «through systems based on distributed ledger technology» (article 6), just like book entries or certificates. In return, it sets conditions:

• The issuer must draw up an issuance document identifying the securities and the entity that keeps their register (article 7).
• That register is kept by an ERIR (the entity responsible for administering the entry and registration), which is liable to investors for entries not made, inaccuracies or delays (article 8). According to the CNMV, for unlisted securities it must be authorized to hold securities in custody, and Royal Decree 815/2023 creates an official register of ERIRs by issuance.
• The system must guarantee the integrity of the issuance and identify the holders (article 6.5).

A CNMV-approved prospectus is not mandatory for offerings below eight million euros in the EU over twelve months (article 35). But if that exempt issuance is advertised to the general public, an entity authorized to provide investment services must be involved to validate the information and oversee the sale, unless the offering goes through an authorized crowdfunding platform (article 36).

Crowdfunding

Regulation (EU) 2020/1503, applicable since November 10, 2021, regulates crowdfunding platforms for offerings of up to 5 million euros per project owner over twelve months. If you are a non-sophisticated investor and want to put more than 1,000 euros or more than 5% of your net worth (whichever is higher) into a project, the platform must first give you a risk warning and ask for your explicit consent. In Spain, these platforms require CNMV authorization.

Reselling the tokens: the DLT pilot regime

Regulation (EU) 2022/858, applicable since March 23, 2023, creates a pilot regime for blockchain-based market infrastructures and settlement systems. It admits shares of issuers with a market capitalization below 500 million euros, bonds with an issue size below 1 billion and certain funds. On ESMA’s list, Securitize Europe DLT TSS appears as a system authorized by the CNMV since November 26, 2025, and in October 2026 we reported on the authorization of Bit2Me STX.

And MiCA? Only if the token is not a financial instrument

Regulation (EU) 2023/1114, MiCA, expressly excludes crypto-assets that qualify as financial instruments (article 2.4). A token that gives you shares or debt of the company that owns the apartment is governed by securities regulation.

MiCA could apply to a token linked to a property without financial rights, for example one that only gives access to stays or discounts. In that case, the issuer complies with MiCA’s rules for «other crypto-assets», and anyone who holds it in custody or exchanges it needs authorization as a crypto-asset service provider. To draw the line, ESMA published guidelines in 2025 that the CNMV cites in its FAQs. You can find the rest in MiCA explained: what changes for you.

The role of the CNMV: sandbox, registers and warnings

Law 7/2020, of November 13, on the digital transformation of the financial system created the financial sandbox, a space where projects are tested under a supervisor’s oversight. The case closest to bricks and mortar is REALFUND, by Sunblock Urban Token, S.L. According to the CNMV’s conclusions document (March 28, 2023), it issued participating loans represented by tokens on Ethereum to finance a virtual reality system for marketing properties. It paid interest in USDC and repaid the principal by bank transfer. The secondary market was left out of the tests, and the CNMV notes that at the time securities could not be issued directly on a blockchain, something that changed with Law 6/2023.

Today the ERIR register exists and is public. On the profile of Ursus-3 Capital, A.V., S.A., the CNMV lists blockchain-represented bond issuances by special purpose vehicles such as Hausera Property Manager SPV 7, S.A. (7,991,000 euros, registered in the Companies Register on August 6, 2026) or Gestión de Inversiones y Proyectos Inmobiliarios 2025, S.A. Watch out for the fine print the CNMV adds on that same page: registration «does not imply that the CNMV has validated the terms of the issuance or the information provided by the issuer».

Before investing, always look up the issuer and the platform in the CNMV’s search tool for warned entities. Not appearing there does not mean it is authorized. If the offering includes MiCA crypto-assets, also check How to check whether your exchange has a MiCA license.

Summary table: what you buy and which law covers you

Risks for investors

Blockchain changes the register, but the real estate risk is still there, and others are added:

• Liquidity. A token transferring in seconds does not mean there is someone willing to buy it. They usually come with whitelists that limit who they can be sold to, and without an authorized market you may have to wait until the property is sold or the debt matures.
• Valuation. The price depends on appraisals and the issuer’s management, not on a daily market quote.
• Custody. If you keep the tokens in your own wallet and lose the keys, the problem is yours. And, according to the CNMV, the smart contract usually reserves to the ERIR functions to freeze, mint or move tokens.
• Who is liable. The issuer is liable for paying; the ERIR, for keeping the register properly. Neither the CNMV nor the ERIR guarantees that the project will be profitable.
• The property. A delayed construction project or a tenant who does not pay affects a token just the same.

In the livestream on Dubai, Spain and Detroit we reviewed what happens when property management fails.

Red flags

• «Guaranteed» or fixed returns without explaining who guarantees them and with what assets.
• You are told the token makes you the «owner of the apartment».
• There is no issuance document, the ERIR is not identified or no authorized entity is involved in the sale.
• The issuer or platform appears in the warnings of the CNMV or another European supervisor.
• Pressure: «last spots», bonuses for inviting friends or crypto-only payments to an address with no contract.

Back to the dinner. Your friend does not own a little piece of an apartment in Málaga. If he has done his homework, he holds shares or debt of a company that does own it, registered by an entity liable for the register, with a specific law behind it. And you, if it were offered to you tomorrow, would you be able to say which of the three models you are buying?

Frequently asked questions

Is it legal to tokenize a property in Spain?

Yes, as long as what is tokenized are rights the law allows to be represented that way, such as shares or bonds of the owning company. Since Law 6/2023, transferable securities can be represented on distributed ledger systems, with an issuance document and an ERIR. Ownership of the property is still transferred by public deed and recorded in the Land Registry.

Does buying a real estate token make me the owner of the apartment?

No. In Spain, ownership of a property is not transferred with a token. Normally you become a shareholder or creditor of the company that owns the property, or the holder of a right to collect its rental income.

Are real estate tokens governed by MiCA?

Almost never. MiCA excludes crypto-assets that are financial instruments (article 2.4 of Regulation (EU) 2023/1114), and a token representing shares or debt is one. Only a token without financial rights, for example a utility token, would fall under MiCA.

Does the CNMV supervise real estate tokenization?

It supervises tokenized transferable securities, ERIRs, crowdfunding platforms and pilot regime markets. Even so, registering an ERIR in its register does not mean the CNMV has validated the issuance or the issuer’s information.

Can I sell my token whenever I want?

It depends on whether there is an authorized market and whether there are buyers. Many tokens can only be transferred to whitelisted investors, and without a secondary market you may have to wait for the debt to mature or the property to be sold.

How do I check whether a tokenization platform is reliable?

Look up the issuer and the platform in the CNMV’s warnings search tool and check its official registers to see which authorized entity is involved: investment firm, crowdfunding platform or ERIR. Be wary of guaranteed returns and of anyone selling you «a piece of an apartment».

This content is for information purposes only and does not constitute investment advice.

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