ILP Abogados
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INTELLIGENCE TOOL

Tokenization

Legal structuring and technical solutions for digital assets — from token design to European regulatory frameworks.

The bridge between digital innovation and legal certainty.

Tokenization is not just technology — it is a new legal paradigm. Every token requires a robust legal structure that complies with MiCA, is enforceable in courts and protects investors. We build that bridge.

These tools are free to use. If you are looking for advice on tokenisation and crypto-assets, please see our financial regulation section.
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Legal Token Design

Design of the token’s legal structure: utility, security, asset-referenced. From concept to regulatory white paper.

MiCA Compliance

Full advisory under the MiCA Regulation: CASP licences, issuance requirements, asset reserves.

Smart Contracts

Legal review and technical validation of smart contracts. Enforceability analysis by jurisdiction.

Asset Tokenization

Real estate, debt, fund interests. End-to-end structuring with full legal backing.

The RWA Simulator helps you understand the tokenisation of a real-world asset from start to finish. The Token Issuance Check assesses whether an issuance is ready to go ahead. Both are free to use and provide issuers and promoters with an indicative result within minutes.

Understand the result

What does the result mean?

The key factor is the token’s preliminary classification, on which the entire subsequent regime depends. MiCA, Regulation (EU) 2023/1114, distinguishes between three categories.

ART
Asset-backed tokens
Prior authorisation is required. Titles III and IV of MiCA, applicable from 30 June 2024.
EMT
Electronic money tokens
Reserved for credit institutions and electronic money institutions.
Others
Other crypto-assets
Utility tokens and similar instruments. A public offering generally requires a white paper to be filed.

Each classification triggers different obligations. Issuing an ART requires prior authorisation; EMTs are reserved for credit institutions and electronic money institutions; and the public offering of other crypto-assets generally requires the preparation and notification of a white paper. If the token confers rights analogous to those of a share or other transferable security, it falls outside the scope of MiCA and is treated as a financial instrument subject to MiFID II and Law 6/2023 on Securities Markets.

The result is for guidance only; it is not a definitive ruling. It is advisable to seek professional analysis where the token exhibits hybrid characteristics, where it appears to be a financial instrument or an ART, where the offering will extend to several countries, or where the project includes custody, exchange or other services that may require authorisation as a CASP from the CNMV. The preliminary classification is therefore a starting point, not a conclusion.

What are the next steps following the listing of my token?

If the token is a crypto-asset other than an ART or an EMT, the issuer must draft the white paper in accordance with the requirements set out in MiCA and notify the competent authority before publishing it. If it is an ART or an EMT, the process involves obtaining authorisation or authorised entity status, with requirements relating to reserves, governance and ongoing disclosure.

If the outcome points to a financial instrument, the alternatives are different: an issue subject to securities market regulations, the representation of securities using distributed ledger technology, which is already permitted under Act 6/2023, or prior testing within the regulatory sandbox established by Act 7/2020, which allows the project to be trialled under supervision before being scaled up. The choice made will determine the timelines and costs.

If your project requires regulatory advice regarding token classification, authorisation or relations with the regulator, please see our financial regulation section.

Methodology and sources

What they rely on

These tools are based on Regulation (EU) 2023/1114 (MiCA) and its implementing rules, Regulation (EU) 2022/858 on the pilot scheme for market infrastructures based on distributed ledgers, Law 6/2023 on Securities Markets and Investment Services and Law 7/2020, which established the Spanish regulatory sandbox, together with the interpretative guidelines issued by ESMA, EBA and the CNMV, and are reviewed as regulatory developments progress.

Regulation (EU) 2023/1114 (MiCA) — EUR-Lex↗ Regulation (EU) 2022/858, DLT pilot scheme — EUR-Lex↗ Law 6/2023 on Securities Markets and Investment Services — Official State Gazette (BOE)↗ Law 7/2020 on the digital transformation of the financial system (sandbox) — Official State Gazette (BOE)↗ ESMA — Regulation on Markets in Crypto-Assets (MiCA)↗

Frequently asked questions

What people ask on tokenisation

What is a tokenised real-world asset (RWA)?
An RWA (real-world asset) is a traditional asset – such as a property, a debt claim or a fund unit – whose economic rights are represented by tokens on a blockchain network. Tokenisation does not alter the legal nature of the underlying asset, which retains its own legal status regardless of the medium in which it is represented.
What is a security token?
It is a token that incorporates rights characteristic of a negotiable security, such as a share in profits, voting rights or the repayment of principal with interest. It falls outside the scope of MiCA and is subject to securities market regulations, MiFID II and Law 6/2023. What matters is the actual substance of the rights conferred, not the label used by the issuer.
When does MiCA apply, and when does MiFID II apply?
MiCA applies to crypto-assets that are not financial instruments, ARTs, EMTs and other crypto-assets, such as utility tokens. If the token falls within the definition of a financial instrument, MiFID II and securities regulations apply, with stricter requirements regarding prospectuses, intermediation and markets.
Do I need to publish a white paper to issue a token?
Generally speaking, a public offering of crypto-assets other than ARTs and EMTs requires the preparation of a white paper containing the information specified by MiCA, and notification of this to the competent authority prior to publication. There are exceptions, including offers directed at fewer than 150 people per Member State, those totalling less than 1,000,000 euros over a twelve-month period, and those restricted to qualified investors.
What is the Spanish regulatory sandbox and how can one gain access to it?
It is the controlled testing environment established by Law 7/2020, which allows technological projects to be tested within the financial system under the supervision of the regulatory authorities, even before all the necessary authorisations have been obtained. Access is granted through periodic calls for applications, provided the project is sufficiently mature. It is a useful avenue for tokenisation models that straddle the boundary of financial instruments.
How long does it take to launch a token sale?
It depends on the classification. A utility token offering with a white paper on file can be prepared in a matter of months, whilst an issue requiring authorisation as an ART, the involvement of an electronic money institution or treatment as a transferable security involves substantially longer timeframes. The maturity of the technical documentation also influences the timetable.
What are the regulatory costs involved in tokenising an asset?
The main ones are the legal classification of the token and the documentation relating to the issue, the drafting of the white paper or prospectus, fees payable to the regulator where the transaction requires authorisation, the review of the smart contract, and ongoing compliance costs, including anti-money laundering measures. These vary considerably depending on the category of token; it is advisable to classify the token before drawing up a budget.

Related analysis

On the blog

Tokenized Assets: From European Regulation to Their Integration into DeFi→ MiCA: The new era of crypto-asset regulation in the European Union→ How to choose the right platform to create or issue a token?→ Who Pulls the Strings of Covered Stablecoin (or ART) Stability in Spain?→ Payment Stablecoins (EMTs): Legal Definitions, Uses, and Regulatory Parallels between the U.S. and Spain→
José Luis Cobo Aragoneses
Page reviewed by
José Luis Cobo Aragoneses
Financial Regulation Area — legal aspects of the website (MiCA rating, white paper, CASP, sandbox).
Updated August 2026

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