{"id":17484,"date":"2025-09-16T19:30:06","date_gmt":"2025-09-16T19:30:06","guid":{"rendered":"https:\/\/sff-camara.com\/?p=17484"},"modified":"2025-09-16T19:46:39","modified_gmt":"2025-09-16T19:46:39","slug":"espana-pionera-en-la-regulacion-de-security-tokens","status":"publish","type":"post","link":"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/espana-pionera-en-la-regulacion-de-security-tokens\/","title":{"rendered":"Espa\u00f1a: pionera en la regulaci\u00f3n de security tokens"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17484\" class=\"elementor elementor-17484 elementor-17483\">\n\t\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-f377bdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f377bdd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26c6730c \" data-id=\"26c6730c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ba72526 elementor-widget elementor-widget-heading\" data-id=\"7ba72526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Espa\u00f1a: pionera en la regulaci\u00f3n de security tokens<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22afa2a4 elementor-widget elementor-widget-spacer\" data-id=\"22afa2a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f1fdaa8 elementor-widget elementor-widget-text-editor\" data-id=\"4f1fdaa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-septiembre-2025\/\" rel=\"tag\">SFF Magazine Septiembre 2025<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31767f27 elementor-widget elementor-widget-spacer\" data-id=\"31767f27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4070c3d elementor-widget elementor-widget-image\" data-id=\"4070c3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.cuatrecasas.com\/en\/global\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"156\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Cuatrecasas-Logo-300x156.png\" class=\"attachment-medium size-medium wp-image-13813\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8676ac4 elementor-widget elementor-widget-spacer\" data-id=\"8676ac4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eef0661 elementor-widget elementor-widget-text-editor\" data-id=\"3eef0661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTem\u00e1ticas: <a href=\"https:\/\/sff-camara.com\/es\/temticas\/activos-digitales\/\" rel=\"tag\">Activos Digitales<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/regulacion\/\" rel=\"tag\">Regulaci\u00f3n<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/tendencias\/\" rel=\"tag\">Tendencias<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-4493726 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4493726\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c44f137 \" data-id=\"c44f137\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3326f45 elementor-widget elementor-widget-text-editor\" data-id=\"3326f45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><p style=\"font-weight: 400;\">La <strong>tokenizaci\u00f3n de valores e instrumentos financieros <\/strong>es uno de los vectores actuales de transformaci\u00f3n m\u00e1s relevantes de los mercados de capitales.<\/p><p style=\"font-weight: 400;\">Mediante el uso de tecnolog\u00edas de registro distribuido (TRD), los derechos incorporados a un valor se representan a trav\u00e9s de un token cuyo registro, transmisi\u00f3n y custodia se realizan en la red de blockchain. Esto permite la ejecuci\u00f3n pr\u00e1cticamente instant\u00e1nea de operaciones, la reducci\u00f3n de intermediarios y costes, la trazabilidad \u00edntegra de la cadena de titularidad y la posibilidad de automatizar eventos corporativos a trav\u00e9s de contratos inteligentes (smart contracts). <\/p><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-0df6757 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0df6757\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-07bd52e \" data-id=\"07bd52e\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24dcd69 elementor-widget elementor-widget-text-editor\" data-id=\"24dcd69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">En este contexto, <strong>resulta esencial que los titulares de estos tokens tengan la misma protecci\u00f3n jur\u00eddica que ofrecen las infraestructuras de mercado tradicionales<\/strong>, evitando vac\u00edos legales en el \u00e1mbito digital.<\/p><p style=\"font-weight: 400;\">Precisamente, Espa\u00f1a est\u00e1 a la vanguardia de los pa\u00edses de la Uni\u00f3n Europea en este \u00e1mbito. <strong>La Ley 6\/2023 de los Mercados de Valores y de los Servicios de Inversi\u00f3n<\/strong>, aprobada en el a\u00f1o 2023, constituye el pilar regulatorio en esta materia.<\/p><p style=\"font-weight: 400;\">Esta norma ampl\u00eda la definici\u00f3n de instrumento financiero introducida por MiFID II para incluir tambi\u00e9n a los llamados \u201c<strong>security tokens<\/strong>\u201d, es decir, aquellos valores e instrumentos financieros que han sido emitidos, registrados o almacenados utilizando TRD o tecnolog\u00edas similares. En esta definici\u00f3n, quedan incluidas acciones de sociedades an\u00f3nimas, bonos, obligaciones, participaciones de instituciones de inversi\u00f3n colectiva o de entidades de capital-riesgo, derivados financieros que hayan sido tokenizados, entre otros instrumentos. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-27116a3 \" data-id=\"27116a3\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dd966c7 elementor-widget elementor-widget-image\" data-id=\"dd966c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Cuatrecasas-Article-scaled.jpeg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88f32b5 elementor-widget elementor-widget-spacer\" data-id=\"88f32b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-abc6b3e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"abc6b3e\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59978d2 \" data-id=\"59978d2\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f465857 elementor-widget elementor-widget-text-editor\" data-id=\"f465857\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Para ello, se incorpora en la normativa una tercera forma de representaci\u00f3n de los valores e instrumentos financieros, junto a los t\u00edtulos en papel y las anotaciones en cuenta: <strong>la representaci\u00f3n mediante sistemas basados en TRD. <\/strong><\/p><p style=\"font-weight: 400;\">Resulta revelador que esta normativa no limite la posibilidad de tokenizaci\u00f3n a emisores de baja capitalizaci\u00f3n ni establezca l\u00edmites cuantitativos an\u00e1logos a los fijados en el R\u00e9gimen Piloto europeo (previsto en el Reglamento (UE) 2022\/858) sobre infraestructuras de mercado basadas en TRD. Con la ley espa\u00f1ola, cualquier clase de valor negociable o instrumento financiero puede estar representado mediante sistemas basados en TRD, en un enfoque claro de neutralidad tecnol\u00f3gica. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-80ea6be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"80ea6be\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-465bc9a \" data-id=\"465bc9a\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e56576 elementor-widget elementor-widget-text-editor\" data-id=\"8e56576\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><h5 style=\"text-align: left;\">\u00abResulta revelador que esta normativa no limite la posibilidad de tokenizaci\u00f3n a emisores de baja capitalizaci\u00f3n ni establezca l\u00edmites cuantitativos an\u00e1logos a los fijados en el R\u00e9gimen Piloto europeo (previsto en el Reglamento (UE) 2022\/858) sobre infraestructuras de mercado basadas en TRD. Con la ley espa\u00f1ola, cualquier clase de valor negociable o instrumento financiero puede estar representado mediante sistemas basados en TRD, en un enfoque claro de neutralidad tecnol\u00f3gica.\u00bb<\/h5><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-6b90530 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b90530\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f6396d4 \" data-id=\"f6396d4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf88675 elementor-widget elementor-widget-text-editor\" data-id=\"cf88675\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Tampoco es necesario que los valores o instrumentos que sean objeto de tokenizaci\u00f3n vayan a cotizar en un centro de negociaci\u00f3n.<\/strong> Es posible que sean security tokens no cotizados, en cuyo caso las operaciones de transmisi\u00f3n se realizar\u00e1n de forma privada entre las partes, al margen de cualquier centro de negociaci\u00f3n. Naturalmente, se estar\u00e1 a lo dispuesto en el R\u00e9gimen Piloto para aquellos instrumentos que vayan a negociarse y liquidarse en las infraestructuras de mercado basadas en TRD (sistemas multilaterales de negociaci\u00f3n o liquidaci\u00f3n) autorizadas conforme a dicho r\u00e9gimen legal (teniendo en cuenta que s\u00f3lo determinados instrumentos financieros son aptos para estas infraestructuras, como, por ejemplo, acciones de emisores que tengan una capitalizaci\u00f3n inferior a 500 millones de euros o deuda con un volumen de emisi\u00f3n inferior a 1.000 millones de euros). <\/p><p style=\"font-weight: 400;\">As\u00ed, <strong>la normativa espa\u00f1ola se aparta de dise\u00f1os parciales y otorga plena seguridad jur\u00eddica para la emisi\u00f3n de security tokens<\/strong>, con una regulaci\u00f3n detallada de los aspectos centrales de la vida del token: creaci\u00f3n, transmisi\u00f3n, acreditaci\u00f3n de la titularidad, creaci\u00f3n de grav\u00e1menes, etc.<\/p><p style=\"font-weight: 400;\">A diferencia del modelo de doble escal\u00f3n propio del sistema espa\u00f1ol de anotaciones en cuenta (en el que el depositario central de valores s\u00f3lo lleva el registro correspondiente a las entidades participantes, siendo \u00e9stas las que gestionan el registro de detalle), <strong>los sistemas basados en TRD garantizan la inmutabilidad y trazabilidad del registro (\u00fanico)<\/strong>, por lo que no es necesario que ninguna entidad lleve a cabo activamente las inscripciones relativas a las operaciones. Ahora bien, s\u00ed es necesario que una entidad act\u00fae como responsable del registro \u00fanico basado en TRD. En la normativa espa\u00f1ola, tal entidad se denomina \u201centidad responsable de la administraci\u00f3n de la inscripci\u00f3n y del registro\u201d (ERIR).  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-46bab67 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46bab67\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-cd45eff \" data-id=\"cd45eff\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c380cc elementor-widget elementor-widget-text-editor\" data-id=\"5c380cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Para los security tokens que no coticen en infraestructuras de mercado basadas en TRD autorizadas conforme al R\u00e9gimen Piloto (ya que, en tal caso, las funciones de la ERIR las realizar\u00eda la infraestructura encargada de la liquidaci\u00f3n de los valores), las ERIR deben ser entidades reguladas y autorizadas para prestar el servicio de custodia y administraci\u00f3n de valores, esto es, sociedades o agencias de valores, o bien entidades de cr\u00e9dito.<\/p><p style=\"font-weight: 400;\"><strong>Las funciones de las ERIR son equiparables a las de un depositario central<\/strong>. As\u00ed, deben garantizar la integridad de las emisiones, identificar a los titulares de los tokens, facilitar a los inversores el acceso a informaci\u00f3n relativa a sus valores y gestionar la inscripci\u00f3n y ejecuci\u00f3n de los actos jur\u00eddicos inscribibles en el registro. Adem\u00e1s, responden frente a quien resulte perjudicado por fallos, inexactitudes o retrasos en la realizaci\u00f3n de inscripciones en el registro. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c73e79c \" data-id=\"c73e79c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-30286e9 elementor-widget elementor-widget-text-editor\" data-id=\"30286e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><h5>\u00abPara los security tokens que no coticen en infraestructuras de mercado basadas en TRD autorizadas conforme al R\u00e9gimen Piloto (ya que, en tal caso, las funciones de la ERIR las realizar\u00eda la infraestructura encargada de la liquidaci\u00f3n de los valores), las ERIR deben ser entidades reguladas y autorizadas para prestar el servicio de custodia y administraci\u00f3n de valores, esto es, sociedades o agencias de valores, o bien entidades de cr\u00e9dito.\u00bb<\/h5><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-6e0d5c3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e0d5c3\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4bca657 \" data-id=\"4bca657\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e90bfd4 elementor-widget elementor-widget-text-editor\" data-id=\"e90bfd4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">En caso de concurso de una ERIR, los titulares de los tokens inscritos en el sistema disponen de un derecho de separaci\u00f3n respecto de los tokens inscritos a su favor, de manera que puedan solicitar a la ERIR en concurso que traslade dichos tokens a otra ERIR.<\/p><p style=\"font-weight: 400;\">Por su parte, los emisores deben nombrar a la ERIR de la emisi\u00f3n correspondiente e identificarla en el documento de la emisi\u00f3n que deben elaborar. <strong>Adem\u00e1s, puede ser necesaria la elaboraci\u00f3n y publicaci\u00f3n de un folleto de la emisi\u00f3n si se dan las condiciones previstas en la normativa aplicable.<\/strong> La intervenci\u00f3n de una entidad autorizada a prestar de inversi\u00f3n puede ser obligatoria, incluso en el caso de que no se elabore un folleto de la emisi\u00f3n (por ir dirigida a menos de 150 inversores por Estado miembro de la Uni\u00f3n Europea (excluyendo inversores cualificados), por requerir una inversi\u00f3n de al menos 100.000 euros, o por tener un importe total en la Uni\u00f3n Europea inferior a 8 millones de euros) si la emisi\u00f3n se dirige al p\u00fablico en general a trav\u00e9s de publicidad. Tal entidad se encargar\u00e1 de validar la informaci\u00f3n a entregar a los inversores y supervisar\u00e1 el proceso de comercializaci\u00f3n. <\/p><p style=\"font-weight: 400;\"><strong>La suma de estos elementos coloca a Espa\u00f1a en una posici\u00f3n pionera a nivel regulatorio en la Uni\u00f3n Europea. <\/strong>Mientras otros ordenamientos europeos han optado por espacios de pruebas (sandboxes) limitados, o por extensiones regulatorias parciales, <strong>el marco espa\u00f1ol ofrece una soluci\u00f3n integral para la tokenizaci\u00f3n de valores e instrumentos financieros. <\/strong>Lejos de ser un mero marco te\u00f3rico, esta regulaci\u00f3n ya ha permitido diferentes emisiones, en el mercado primario, de acciones e instrumentos de deuda tokenizadas por parte de sociedades espa\u00f1olas, y ya existe una ERIR prestando servicios en el mercado. Asimismo, hay actualmente diferentes proyectos avanzados para la autorizaci\u00f3n de sistemas multilaterales de negociaci\u00f3n basados en TRD.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5ebeebf7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ebeebf7\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e2df2c4 \" data-id=\"7e2df2c4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75bd40ac elementor-widget elementor-widget-spacer\" data-id=\"75bd40ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ba6f86d elementor-widget elementor-widget-heading\" data-id=\"7ba6f86d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Autores<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5d40e061 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d40e061\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-11dca03c \" data-id=\"11dca03c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5365a5a elementor-widget elementor-widget-image\" data-id=\"5365a5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"964\" height=\"1024\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Miguel-Sanchez-Monjo-964x1024.jpg\" class=\"attachment-large size-large wp-image-13807\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Miguel-Sanchez-Monjo-964x1024.jpg 964w, https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/05\/Miguel-Sanchez-Monjo-768x816.jpg 768w\" sizes=\"(max-width: 964px) 100vw, 964px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd2ad97 elementor-widget elementor-widget-spacer\" data-id=\"dd2ad97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13f6f24 elementor-widget elementor-widget-heading\" data-id=\"13f6f24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Miguel S\u00e1nchez Monjo<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01e962e elementor-widget elementor-widget-spacer\" data-id=\"01e962e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81458cf elementor-widget elementor-widget-heading\" data-id=\"81458cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Partner<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf5d7a5 elementor-widget elementor-widget-heading\" data-id=\"cf5d7a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Cuatrecasas<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-b4c65d7 elementor-hidden-mobile \" data-id=\"b4c65d7\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-4aa7816 elementor-hidden-tablet elementor-hidden-mobile \" data-id=\"4aa7816\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-09b5dd0 elementor-widget elementor-widget-spacer\" data-id=\"09b5dd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-4d80d2c3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4d80d2c3\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-640e0eab \" data-id=\"640e0eab\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4308942b elementor-widget elementor-widget-text-editor\" data-id=\"4308942b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"text-align: left;\">Comparta este post<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f93b86d elementor-widget elementor-widget-udesign_widget_share\" data-id=\"5f93b86d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"udesign_widget_share.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n<div class=\"social-icons\">\r\n\t<a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&#038;url=https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/espana-pionera-en-la-regulacion-de-security-tokens\/&#038;title=Espa%C3%B1a%3A+pionera+en+la+regulaci%C3%B3n+de+security+tokens\" class=\"social-icon framed social-linkedin\" target=\"_blank\" 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elementor-widget elementor-widget-divider\" data-id=\"5049afac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\" elementor-section elementor-inner-section elementor-element elementor-element-26e2d7c0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"26e2d7c0\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2b9db789 \" data-id=\"2b9db789\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48b70216 elementor-widget elementor-widget-wp-widget-tag_cloud\" data-id=\"48b70216\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wp-widget-tag_cloud.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"widget widget_tag_cloud widget-collapsible\"><h3 class=\"widget-title\">Buscar publicaciones por tem\u00e1ticas<\/h3><div class=\"tagcloud\"><a href=\"https:\/\/sff-camara.com\/es\/temticas\/activos-digitales\/\" class=\"tag-cloud-link tag-link-302 tag-link-position-1\" style=\"font-size: 11.559322033898pt;\" aria-label=\"Activos Digitales (3 elementos)\">Activos Digitales<span class=\"tag-link-count\"> (3)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/alternative-investment-es\/\" class=\"tag-cloud-link tag-link-291 tag-link-position-2\" style=\"font-size: 21.050847457627pt;\" aria-label=\"Alternative Investment (24 elementos)\">Alternative Investment<span class=\"tag-link-count\"> (24)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/aml-es\/\" class=\"tag-cloud-link tag-link-266 tag-link-position-3\" style=\"font-size: 8pt;\" aria-label=\"AML (1 elemento)\">AML<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/arte\/\" class=\"tag-cloud-link tag-link-247 tag-link-position-4\" style=\"font-size: 8pt;\" aria-label=\"Arte (1 elemento)\">Arte<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/asesoramiento\/\" class=\"tag-cloud-link tag-link-211 tag-link-position-5\" style=\"font-size: 15.118644067797pt;\" aria-label=\"Asesoramiento (7 elementos)\">Asesoramiento<span class=\"tag-link-count\"> (7)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/asset-management-es\/\" class=\"tag-cloud-link tag-link-213 tag-link-position-6\" style=\"font-size: 22pt;\" aria-label=\"Asset Management (29 elementos)\">Asset Management<span class=\"tag-link-count\"> (29)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/banca-digital\/\" class=\"tag-cloud-link tag-link-164 tag-link-position-7\" style=\"font-size: 15.118644067797pt;\" aria-label=\"Banca Digital (7 elementos)\">Banca Digital<span class=\"tag-link-count\"> (7)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/banking-es\/\" class=\"tag-cloud-link tag-link-161 tag-link-position-8\" style=\"font-size: 19.389830508475pt;\" aria-label=\"Banking (17 elementos)\">Banking<span class=\"tag-link-count\"> (17)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/capital-riesgo\/\" class=\"tag-cloud-link tag-link-170 tag-link-position-9\" style=\"font-size: 12.745762711864pt;\" aria-label=\"Capital Riesgo (4 elementos)\">Capital Riesgo<span class=\"tag-link-count\"> (4)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/compliance-es\/\" class=\"tag-cloud-link tag-link-264 tag-link-position-10\" style=\"font-size: 8pt;\" aria-label=\"Compliance (1 elemento)\">Compliance<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/consejero-independiente\/\" class=\"tag-cloud-link tag-link-290 tag-link-position-11\" style=\"font-size: 14.525423728814pt;\" aria-label=\"Consejero Independiente (6 elementos)\">Consejero Independiente<span class=\"tag-link-count\"> (6)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/criptoactivos\/\" class=\"tag-cloud-link tag-link-175 tag-link-position-12\" style=\"font-size: 11.559322033898pt;\" aria-label=\"Criptoactivos (3 elementos)\">Criptoactivos<span class=\"tag-link-count\"> (3)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/distribucion-de-fondos\/\" class=\"tag-cloud-link tag-link-173 tag-link-position-13\" style=\"font-size: 20.576271186441pt;\" aria-label=\"Distribuci\u00f3n de fondos (22 elementos)\">Distribuci\u00f3n de fondos<span class=\"tag-link-count\"> (22)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/diversidad\/\" class=\"tag-cloud-link tag-link-278 tag-link-position-14\" style=\"font-size: 15.71186440678pt;\" aria-label=\"Diversidad (8 elementos)\">Diversidad<span class=\"tag-link-count\"> (8)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/empresas-familiares\/\" class=\"tag-cloud-link tag-link-269 tag-link-position-15\" style=\"font-size: 12.745762711864pt;\" aria-label=\"Empresas Familiares (4 elementos)\">Empresas Familiares<span class=\"tag-link-count\"> (4)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/family-offices-es\/\" class=\"tag-cloud-link tag-link-245 tag-link-position-16\" style=\"font-size: 10.135593220339pt;\" aria-label=\"Family Offices (2 elementos)\">Family Offices<span class=\"tag-link-count\"> (2)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/finanzas-sostenibles\/\" class=\"tag-cloud-link tag-link-160 tag-link-position-17\" style=\"font-size: 21.050847457627pt;\" aria-label=\"Finanzas Sostenibles (24 elementos)\">Finanzas Sostenibles<span class=\"tag-link-count\"> (24)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/fintech-es\/\" class=\"tag-cloud-link tag-link-163 tag-link-position-18\" style=\"font-size: 16.779661016949pt;\" aria-label=\"Fintech (10 elementos)\">Fintech<span class=\"tag-link-count\"> (10)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/gestion-patrimonial\/\" class=\"tag-cloud-link tag-link-176 tag-link-position-19\" style=\"font-size: 17.610169491525pt;\" aria-label=\"Gesti\u00f3n Patrimonial (12 elementos)\">Gesti\u00f3n Patrimonial<span class=\"tag-link-count\"> (12)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/gobernanza\/\" class=\"tag-cloud-link tag-link-249 tag-link-position-20\" style=\"font-size: 16.305084745763pt;\" aria-label=\"Gobernanza (9 elementos)\">Gobernanza<span class=\"tag-link-count\"> (9)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/hr\/\" class=\"tag-cloud-link tag-link-304 tag-link-position-21\" style=\"font-size: 8pt;\" aria-label=\"HR (1 elemento)\">HR<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/internacionalizacion\/\" class=\"tag-cloud-link tag-link-280 tag-link-position-22\" style=\"font-size: 8pt;\" aria-label=\"Internacionalizaci\u00f3n (1 elemento)\">Internacionalizaci\u00f3n<span class=\"tag-link-count\"> (1)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/inversiones-alternativas\/\" class=\"tag-cloud-link tag-link-297 tag-link-position-23\" style=\"font-size: 11.559322033898pt;\" aria-label=\"Inversiones Alternativas (3 elementos)\">Inversiones Alternativas<span class=\"tag-link-count\"> 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tag-link-position-31\" style=\"font-size: 10.135593220339pt;\" aria-label=\"Seguros (2 elementos)\">Seguros<span class=\"tag-link-count\"> (2)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/seguros-de-vida-unit-linked\/\" class=\"tag-cloud-link tag-link-169 tag-link-position-32\" style=\"font-size: 13.694915254237pt;\" aria-label=\"Seguros de vida Unit-linked (5 elementos)\">Seguros de vida Unit-linked<span class=\"tag-link-count\"> (5)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/tax-es\/\" class=\"tag-cloud-link tag-link-162 tag-link-position-33\" style=\"font-size: 19.033898305085pt;\" aria-label=\"Tax (16 elementos)\">Tax<span class=\"tag-link-count\"> (16)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/tecnologia\/\" class=\"tag-cloud-link tag-link-231 tag-link-position-34\" style=\"font-size: 14.525423728814pt;\" aria-label=\"Tecnolog\u00eda (6 elementos)\">Tecnolog\u00eda<span class=\"tag-link-count\"> (6)<\/span><\/a>\n<a 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class=\"elementor-element elementor-element-5defc3e7 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5defc3e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18f39c75 elementor-widget elementor-widget-spacer\" data-id=\"18f39c75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d210685 elementor-widget elementor-widget-heading\" data-id=\"d210685\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Publicaciones relacionadas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5831fc58 elementor-widget elementor-widget-text-editor\" data-id=\"5831fc58\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-septiembre-2025\/\" rel=\"tag\">SFF Magazine Septiembre 2025<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79ec54f3 elementor-widget elementor-widget-spacer\" data-id=\"79ec54f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46b169be elementor-widget elementor-widget-udesign_widget_posts elementor-widget-theme-post-content\" data-id=\"46b169be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"udesign_widget_posts.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"posts  row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3 slider-wrapper posts row cols-lg-3 cols-md-2 cols-sm-2 cols-1 cols-xl-3\" data-slider-options=\"{&quot;spaceBetween&quot;:30,&quot;loop&quot;:true,&quot;autoplay&quot;:{&quot;delay&quot;:5000,&quot;disableOnInteraction&quot;:false},&quot;effect&quot;:&quot;slide&quot;,&quot;slidesPerView&quot;:3,&quot;breakpoints&quot;:{&quot;2401&quot;:{&quot;slidesPerView&quot;:3},&quot;1440&quot;:{&quot;slidesPerView&quot;:3},&quot;1200&quot;:{&quot;slidesPerView&quot;:3},&quot;992&quot;:{&quot;slidesPerView&quot;:3},&quot;768&quot;:{&quot;slidesPerView&quot;:2},&quot;576&quot;:{&quot;slidesPerView&quot;:2},&quot;0&quot;:{&quot;slidesPerView&quot;:1}},&quot;statusClass&quot;:&quot;slider-dots-default&quot;}\" data-post-type=\"modern\">\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17484 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-activos-digitales tag-regulacion tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/espana-pionera-en-la-regulacion-de-security-tokens\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Cuatrecasas-Article-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Cuatrecasas-Article-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Cuatrecasas-Article-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Cuatrecasas-Article-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tBlockchain hologram illustration. Concept of cryptocurrency and digital money. 3d rendering\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/espana-pionera-en-la-regulacion-de-security-tokens\/\">\r\n\t\tEspa\u00f1a: pionera en la regulaci\u00f3n de security tokens\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/espana-pionera-en-la-regulacion-de-security-tokens\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17522 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-activos-digitales tag-alternative-investment-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/tokenizacion-la-evolucion-natural-del-sector-de-los-fondos-de-inversion-alternativos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Deloitte-Article-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Deloitte-Article-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Deloitte-Article-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Deloitte-Article-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/tokenizacion-la-evolucion-natural-del-sector-de-los-fondos-de-inversion-alternativos\/\">\r\n\t\tTokenizaci\u00f3n: la evoluci\u00f3n natural del sector de los fondos de inversi\u00f3n alternativos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/tokenizacion-la-evolucion-natural-del-sector-de-los-fondos-de-inversion-alternativos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17549 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-activos-digitales tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/de-las-criptomonedas-al-cumplimiento-normativo-la-inteligente-estrategia-de-luxemburgo-para-los-fondos-de-activos-digitales\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/AZTEC-Image-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/AZTEC-Image-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/AZTEC-Image-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/AZTEC-Image-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tDigital concept of tokenized assets on a blockchain, abstract visuals with coins and chains --ar 16:9 --stylize 250 --v 6.1 Job ID: f3135755-afbe-4448-b9f7-6c14ff18b812\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/de-las-criptomonedas-al-cumplimiento-normativo-la-inteligente-estrategia-de-luxemburgo-para-los-fondos-de-activos-digitales\/\">\r\n\t\tDe las criptomonedas al cumplimiento normativo: la inteligente estrategia de Luxemburgo para los fondos de activos digitales\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/de-las-criptomonedas-al-cumplimiento-normativo-la-inteligente-estrategia-de-luxemburgo-para-los-fondos-de-activos-digitales\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17564 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-latam-es tag-legal-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/meet-the-team-loyens-loeff\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Loyens-Loeff-Meet-the-Team-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Loyens-Loeff-Meet-the-Team-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Loyens-Loeff-Meet-the-Team-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Loyens-Loeff-Meet-the-Team-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/meet-the-team-loyens-loeff\/\">\r\n\t\tMEET THE TEAM &#8211; Loyens &amp; Loeff\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/meet-the-team-loyens-loeff\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17614 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-reaseguro tag-seguros post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/entrevista-con-marc-hengen-ceo-de-aca\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Interview-Marc-Hengen-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Interview-Marc-Hengen-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Interview-Marc-Hengen-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Interview-Marc-Hengen-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/entrevista-con-marc-hengen-ceo-de-aca\/\">\r\n\t\tEntrevista con Marc Hengen, CEO de ACA\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/entrevista-con-marc-hengen-ceo-de-aca\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17642 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-asset-management-es tag-diversidad post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/women-who-inspire-finance-leire-zirion-corres\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Leire-Zirion-Corres-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Leire-Zirion-Corres-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Leire-Zirion-Corres-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Leire-Zirion-Corres-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/women-who-inspire-finance-leire-zirion-corres\/\">\r\n\t\tWomen who Inspire: Finance &#8211; Leire Zirion Corres\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/women-who-inspire-finance-leire-zirion-corres\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17661 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-asset-management-es tag-distribucion-de-fondos tag-inversiones-alternativas post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/evento-oficial-de-inauguracion-de-la-sucursal-de-cecabank-en-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/EN-20N-CKB-InauguracionLuxemburgo-STD-20250811_v3-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/EN-20N-CKB-InauguracionLuxemburgo-STD-20250811_v3-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/EN-20N-CKB-InauguracionLuxemburgo-STD-20250811_v3-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/EN-20N-CKB-InauguracionLuxemburgo-STD-20250811_v3-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/evento-oficial-de-inauguracion-de-la-sucursal-de-cecabank-en-luxemburgo\/\">\r\n\t\tEvento oficial de inauguraci\u00f3n de la sucursal de Cecabank en Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/evento-oficial-de-inauguracion-de-la-sucursal-de-cecabank-en-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-17719 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2025 tag-hr post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/jovenes-talentos-espanoles-se-abren-camino-en-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Young-Spanish-Talents-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Young-Spanish-Talents-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Young-Spanish-Talents-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/09\/Young-Spanish-Talents-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/09\/16\/\">septiembre 16, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/jovenes-talentos-espanoles-se-abren-camino-en-luxemburgo\/\">\r\n\t\tJ\u00f3venes talentos espa\u00f1oles se abren camino en Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2025\/jovenes-talentos-espanoles-se-abren-camino-en-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1457a4cf elementor-widget elementor-widget-spacer\" data-id=\"1457a4cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>La tokenizaci\u00f3n de valores e instrumentos financieros es uno de los vectores actuales de transformaci\u00f3n m\u00e1s relevantes de los mercados de capitales. Mediante el uso de tecnolog\u00edas de registro distribuido [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[299],"tags":[302,303,223],"class_list":["post-17484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sff-magazine-septiembre-2025","tag-activos-digitales","tag-regulacion","tag-tendencias"],"acf":[],"yoast_head":"<!-- This site is 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