Spain enables a system to trade and settle tokenized assets

Source: Criptonoticias Original Title: Spain enables system to negotiate and settle tokenized assets Original Link: The National Securities Market Commission (CNMV) of Spain authorized the launch of a new Trading and Settlement System (SNL) based on distributed ledger technology (TRD). The platform, called SECURITIZE, will be operated by Securitize Europe Brokerage and Markets, S.V., S.A.

SNLs are financial spaces that operate like an organized market, where investors buy and sell instruments under defined criteria —similar to a stock exchange—. Unlike traditional markets, they directly incorporate settlement and clearing. That is, they themselves ensure that transactions are completed and that the securities reach the buyer.

In this case, according to the CNMV, SECURITIZE will allow the trading of the assets contemplated in Article 3 of Regulation (UE) 2022/858.

This regulation, approved in May 2022, establishes a European pilot regime that allows certain market infrastructures to use distributed ledger technologies. The objective is to facilitate the trading and settlement of tokenized financial instruments.

The regime in question allows participants to apply for temporary exemptions from certain regulatory requirements, provided they meet specific conditions. Its goal, according to the securities market regulator in Spain, is to promote innovation while assessing the safety and viability of these technologies.

According to the CNMV, SECURITIZE becomes one of the first authorized SNLs to participate in this pilot regime within the European Union.

The regulated expansion of the cryptocurrency ecosystem in Spain is also advancing in the banking sector. With the recent MiCA license granted to Renta 4 Banco by the securities commission, there are now four traditional entities authorized to buy, sell, custody, and transfer digital assets in the country.