The system, called SECURITIZE, enables the trading of tokenized financial instruments.
SECURITIZE is, according to the CNMV, one of the first regulated spaces approved by the EU.
The National Securities Market Commission (CNMV) of Spain authorized the launch of a new Negotiation and Settlement System (SNL) based on distributed ledger technology (TRD). The platform, called SECURITIZE, will be operated by Securitize Europe Brokerage and Markets, SV, SA
SNLs are financial spaces that work as an organized market, where investors buy and sell instruments under defined criteria—similar to those of a stock market. Unlike traditional markets, they directly incorporate settlement and clearing. That is to say, they themselves guarantee that operations are completed and that the titles reach the buyer.
In this case, according to a release of the CNMV, SECURITIZE will allow trading of the assets contemplated in article 3 of Regulation (EU) 2022/858.
This regulation, approved in May 2022, establishes a pilot regime European Union 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 request temporary exemptions from certain regulatory requirements, provided they meet specific conditions. Its goal, according to the regulator of securities markets in Spain, is to promote innovation while evaluating the security and viability of these technologies.
According to the CNMV, SECURITIZE becomes one of the first SNL authorized to participate in this pilot scheme within the European Union.
The regulated expansion of the cryptocurrency ecosystem in Spain is also advancing in the banking sector. As reported by CriptoNoticias, 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.