Spain’s National Securities Market Commission (CNMV) has approved the launch of a new negotiation and settlement system (SNL) based on distributed ledger technology (TRD). The platform, called SECURITIZE, is operated by Securitize Europe Brokerage and Markets, SV, SA.
SNL is a financial space that functions as an organized market, similar to a stock market, where investors buy and sell products according to defined criteria. Unlike traditional markets, settlement and clearing are directly integrated. In other words, They themselves ensure that the operation is completed And the title will be delivered to the purchaser.
In this case, SECURITIZE allows the trading of assets contemplated by Article 3 of Regulation (EU) 2022/858, according to a statement from the CNMV.
Approved in May 2022, this regulation establishes a European pilot regime that allows the use of distributed ledger technology in certain market infrastructures. The purpose is to facilitate trading and settlement of tokenized financial instruments.
The scheme in question allows participants to apply for a temporary exemption from certain regulatory requirements if they meet certain conditions. The aim is to foster innovation while assessing the safety and viability of these technologies, Spain’s securities market regulator said.
According to CNMV, SECURITIZE is: One of the first SNL authorized to participate in this pilot program within the European Union.
The regulated expansion of the cryptocurrency ecosystem in Spain is also progressing in the banking sector. According to a report by CriptoNoticias, the recent granting of a MiCA license by the Securities Commission to Renta 4 Banco makes it the fourth traditional entity in the country to be authorized to buy, sell, store, and transfer digital assets.