{"id":19183,"date":"2026-03-17T05:20:27","date_gmt":"2026-03-17T05:20:27","guid":{"rendered":"https:\/\/sff-camara.com\/?p=19183"},"modified":"2026-03-17T08:44:00","modified_gmt":"2026-03-17T08:44:00","slug":"evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos","status":"publish","type":"post","link":"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/","title":{"rendered":"Evaluaci\u00f3n de las stablecoins: metodolog\u00edas, riesgos e implicaciones para la industria europea de fondos"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19183\" class=\"elementor elementor-19183 elementor-19182\">\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\">Evaluaci\u00f3n de las stablecoins: metodolog\u00edas, riesgos e implicaciones para la industria europea de fondos<\/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-marzo-2026\/\" rel=\"tag\">SFF Magazine Marzo 2026<\/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.atoz-services.lu\/governance-risk-compliance\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"159\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Atoz-Governance-Services-300x159.png\" class=\"attachment-medium size-medium wp-image-19187\" 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\/distribucion-de-fondos\/\" rel=\"tag\">Distribuci\u00f3n de fondos<\/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-9043538 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9043538\" 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-90a932e \" data-id=\"90a932e\" 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-b7d3efa elementor-widget elementor-widget-text-editor\" data-id=\"b7d3efa\" 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>Una stablecoin es una criptomoneda dise\u00f1ada para mantener un valor constante con respecto a un activo de referencia<\/strong>, normalmente una moneda de curso legal como el euro o el d\u00f3lar estadounidense. Las stablecoins desempe\u00f1an un papel fundamental en las finanzas descentralizadas (DeFi), ya que permiten realizar pagos, conceder pr\u00e9stamos, realizar operaciones de cobertura y gestionar la liquidez. A diferencia de los activos cripto sin respaldo, como el bitcoin, incorporan mecanismos, como garant\u00edas o algoritmos, para mantener la paridad, y funcionan como reservas de valor y medios de intercambio \u00aben cadena\u00bb, donde \u00aben cadena\u00bb se refiere a las transacciones y actividades que se registran, verifican y liquidan directamente en una red blockchain.  <\/p><p style=\"font-weight: 400;\">Para valorar cualquier stablecoin, primero hay que comprender su estructura. Las stablecoins difieren en cuanto a modelos de emisi\u00f3n, dise\u00f1o econ\u00f3mico, garant\u00edas, gobernanza y derechos legales. Cada uno de estos aspectos tiene implicaciones para la valoraci\u00f3n.  <\/p><p style=\"font-weight: 400;\">En Europa, <strong>el reglamento MiCA establece normas uniformes para las stablecoins ofrecidas al p\u00fablico<\/strong>. Seg\u00fan el MiCA, las stablecoins reguladas deben estar totalmente respaldadas por reservas seguras y l\u00edquidas y ser emitidas por instituciones autorizadas. Estas normas est\u00e1n dise\u00f1adas para proteger a los inversores y garantizar que las stablecoins reguladas sean transparentes, canjeables a su valor nominal y auditadas peri\u00f3dicamente.  <\/p><p style=\"font-weight: 400;\">Actualmente, en la UE, las stablecoins pueden clasificarse en cuatro categor\u00edas. Las stablecoins respaldadas por moneda tradicional mantienen una paridad de 1:1 con las monedas tradicionales, incluidas las que no son EMT, como el USDT, y las EMT que cumplen con la MiCA, como el USDC\/EURC. A fecha de febrero de 2026, hay <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2024-12\/EMTWP.csv\">33 EMT registradas oficialmente <\/a>seg\u00fan la ESMA. Los tokens referenciados a activos (ART) obtienen su valor de carteras mixtas de activos y est\u00e1n a la espera de la autorizaci\u00f3n definitiva. Los tokens con garant\u00eda criptogr\u00e1fica (p. ej., DAI) se basan en reservas digitales, mientras que los de tipo algor\u00edtmico (p. ej., UST) dependen principalmente de la confianza del mercado y de mecanismos de control de la oferta.    <\/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-7ee99b5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ee99b5\" 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-ae18265 \" data-id=\"ae18265\" 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-79e0af6 elementor-widget elementor-widget-text-editor\" data-id=\"79e0af6\" 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>\u00abAunque est\u00e1n dise\u00f1adas para mantener un valor de referencia estable, las monedas estables muestran comportamientos que plantean retos de valoraci\u00f3n a los inversores institucionales a la hora de determinar el valor liquidativo y de llevar a cabo la supervisi\u00f3n regulatoria.\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-42c1dc7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"42c1dc7\" 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-43fc6b0 \" data-id=\"43fc6b0\" 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-e722d15 elementor-widget elementor-widget-text-editor\" data-id=\"e722d15\" 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;\">Aunque est\u00e1n dise\u00f1adas para mantener un valor de referencia estable, <strong>las monedas estables muestran comportamientos que plantean retos de valoraci\u00f3n a los inversores institucionales a la hora de determinar el valor liquidativo y de llevar a cabo la supervisi\u00f3n regulatoria.<\/strong><\/p><p style=\"font-weight: 400;\">Las desviaciones entre el precio de mercado y el valor econ\u00f3mico est\u00e1n bien documentadas: el estudio del Instituto Becker Friedman de 2025 muestra que el USDT cotiza con un promedio de 54 puntos b\u00e1sicos de descuento debido al arbitraje centralizado y a una estructura de reservas hist\u00f3ricamente menos transparente, mientras que el USDC se mantiene cerca de la paridad gracias a un acceso m\u00e1s amplio al reembolso. Los EMT regulados por la MiCA reducen la incertidumbre mediante el respaldo de reservas completas, la segregaci\u00f3n y las auditor\u00edas, mientras que los tokens que no son EMT var\u00edan en cuanto a la calidad de las reservas y la divulgaci\u00f3n de informaci\u00f3n. La fragmentaci\u00f3n de la liquidez entre plataformas, el riesgo de los or\u00e1culos y los datos, la concentraci\u00f3n de la gobernanza y las fricciones en el reembolso complican a\u00fan m\u00e1s la evaluaci\u00f3n del valor razonable. Los tokens que no cumplen con la MiCA se enfrentan a la incertidumbre regulatoria y a posibles corridas de reembolso cuando las reservas carecen de liquidez, lo que subraya la necesidad de marcos de valoraci\u00f3n rigurosos.   <\/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-3ac8ece elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ac8ece\" 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-5f3f2ef \" data-id=\"5f3f2ef\" 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-d1ff977 elementor-widget elementor-widget-text-editor\" data-id=\"d1ff977\" 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>A estos retos de valoraci\u00f3n se suma el tratamiento contable de las stablecoins, que complica a\u00fan m\u00e1s la evaluaci\u00f3n por parte de las instituciones.<\/strong> El proyecto de normas t\u00e9cnicas de regulaci\u00f3n de la ABE sobre el c\u00e1lculo y la agregaci\u00f3n de los valores de exposici\u00f3n a criptoactivos pone de relieve que no existen normas contables internacionales espec\u00edficas. Por lo tanto, las instituciones se basan en el marco actual de las NIIF, en virtud del cual el Comit\u00e9 de Interpretaciones de las NIIF (2019) concluy\u00f3 que las criptomonedas suelen considerarse activos intangibles o existencias, en lugar de activos financieros, ya que no son ni efectivo ni instrumentos de renta variable. <\/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-b842ce4 \" data-id=\"b842ce4\" 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-851d996 elementor-widget elementor-widget-image\" data-id=\"851d996\" 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=\"1024\" height=\"478\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-1024x478.jpeg\" class=\"attachment-large size-large wp-image-19156\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-1024x478.jpeg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-768x358.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\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\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-d23dfa2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d23dfa2\" 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-a5aa89c \" data-id=\"a5aa89c\" 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-b378c9b elementor-widget elementor-widget-text-editor\" data-id=\"b378c9b\" 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>El an\u00e1lisis de la ESMA confirma que los criptoactivos, excluidos los EMT, presentan una volatilidad pronunciada y una correlaci\u00f3n con la renta variable, mientras que incluso las principales stablecoins se han desviado considerablemente de su paridad.<\/strong> S&amp;P Global informa de una volatilidad anualizada del 8,7 % para el USDC y del 5,09 % para el USDT durante el periodo 2021-2023. S&amp;P Global informa de una volatilidad anualizada del 8,7 % para el USDC y del 5,09 % para el USDT durante el periodo 2021-2023. Es probable que una parte sustancial de los criptoactivos regulados por la MiCA se valoren a su valor razonable, pero la fragmentaci\u00f3n de los centros de negociaci\u00f3n, la escasez de datos y la actividad extraburs\u00e1til complican la estimaci\u00f3n. Aunque la ABE consider\u00f3 inicialmente ampliar el marco de valoraci\u00f3n prudencial del CRR a los criptoactivos, esta medida se pospuso a la espera de una adopci\u00f3n m\u00e1s amplia. <\/p><p style=\"font-weight: 400;\">En el caso de los EMT autorizados por la MiCA, las medidas de protecci\u00f3n reglamentarias \u2014segregaci\u00f3n total de las reservas de moneda de curso legal, emisi\u00f3n exclusiva por parte de instituciones con licencia de la UE y certificaciones independientes\u2014 respaldan la valoraci\u00f3n a valor razonable utilizando datos de nivel 1 o nivel 2 de la NIIF 13.<\/p><p style=\"font-weight: 400;\">Seg\u00fan el marco de Puca-Zyla (CFA Institute), <strong>un proceso de valoraci\u00f3n s\u00f3lido debe (1) identificar la stablecoin y su perfil t\u00e9cnico y regulatorio, (2) definir el mercado principal, (3) determinar un precio de salida coherente y (4) evaluar los descuentos de valoraci\u00f3n aplicables.<\/strong> Los descuentos por falta de negociabilidad rara vez son relevantes para las principales stablecoins respaldadas por moneda fiduciaria, pero pueden aplicarse a tokens de colocaci\u00f3n privada con restricciones de transferencia, que podr\u00edan estimarse mediante modelos como la metodolog\u00eda DLOM basada en opciones de Ghaidarov.<\/p><p style=\"font-weight: 400;\">En el caso de las stablecoins que no son del mercado de valores (EMT), como el USDT emitido en el extranjero, la estimaci\u00f3n del valor razonable suele requerir datos no observables de nivel 3 que incorporen la calidad de las reservas y los factores fundamentales del reembolso.<\/p><p style=\"font-weight: 400;\">El mercado de monedas estables de la UE est\u00e1 llamado a crecer bajo el MiCA, con un 25 % de la negociaci\u00f3n desplaz\u00e1ndose hacia tokens en euros conformes a la normativa y un aumento de la emisi\u00f3n. <strong>Los principales bancos tienen previsto lanzar nuevas monedas en 2026, aunque las monedas estables en euros a\u00fan representan solo el 7 % del mercado mundial. A medida que se generalice su adopci\u00f3n, una valoraci\u00f3n coherente y transparente ser\u00e1 crucial para la confianza y la supervisi\u00f3n. <\/strong><\/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 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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-marzo-2026\/\" rel=\"tag\">SFF Magazine Marzo 2026<\/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\" 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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-18830 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-consejero-independiente tag-gobernanza 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-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-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\/2026\/03\/Montclare-Capital-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Montclare-Capital-Image-March-2026-570x400.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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-luxemburgo\/\">\r\n\t\tRedefiniendo la supervisi\u00f3n: el consejero independiente como ventaja estrat\u00e9gica de Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/redefiniendo-la-supervision-el-consejero-independiente-como-ventaja-estrategica-de-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-18859 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-seguros tag-tax-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-marzo-2026\/meet-the-team-certa-insurance\/\" 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\/2026\/03\/Certa-Insurance-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\/2026\/03\/Certa-Insurance-Meet-the-Team-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-Meet-the-Team-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Certa-Insurance-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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/meet-the-team-certa-insurance\/\">\r\n\t\tMEET THE TEAM &#8211; CERTA Insurance\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/meet-the-team-certa-insurance\/\" 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-18901 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-alternative-investment-es tag-real-estate 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-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\" 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\/2026\/03\/Arendt-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Arendt-Image-March-2026-570x400.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\tModel house on digital graph, representing real estate market analysis.\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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\">\r\n\t\tFondos inmobiliarios en 2026: navegando un mercado entre la recuperaci\u00f3n y la complejidad\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/fondos-inmobiliarios-en-2026-navegando-un-mercado-entre-la-recuperacion-y-la-complejidad\/\" 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-18934 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 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-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\" 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\/2026\/03\/Cecabank-Image-March-2026-600x420.jpg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-600x420.jpg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-400x280.jpg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Cecabank-Image-March-2026-570x400.jpg 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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\">\r\n\t\tCecabank impulsa su presencia en Luxemburgo con la suma de nuevos clientes estrat\u00e9gicos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/cecabank-impulsa-su-presencia-en-luxemburgo-con-la-suma-de-nuevos-clientes-estrategicos\/\" 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-18958 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-consejero-independiente tag-gobernanza 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-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-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\/2026\/03\/Now-Partners-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Now-Partners-Image-March-2026-570x400.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\tFinancial growth chart for stock market investment trading.\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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-en-luxemburgo\/\">\r\n\t\tConsejeros independientes: un pilar de la gobernanza en los fondos de inversi\u00f3n en Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/consejeros-independientes-un-pilar-de-la-gobernanza-en-los-fondos-de-inversion-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-18976 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-real-estate 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-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\" 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\/2026\/03\/AKD-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/AKD-Image-March-2026-570x400.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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\">\r\n\t\tEstructuras Double LuxCo en operaciones de financiaci\u00f3n espa\u00f1olas: un viejo conocido vuelve a cobrar protagonismo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/estructuras-double-luxco-en-operaciones-de-financiacion-espanolas-un-viejo-conocido-vuelve-a-cobrar-protagonismo\/\" 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-19016 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 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-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\" 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\/2026\/03\/Simmons-Simmons-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Simmons-Simmons-Image-March-2026-570x400.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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\">\r\n\t\tNuevas normas que regulan las herramientas de gesti\u00f3n de liquidez en fondos UCITS y AIF abiertos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/nuevas-normas-que-regulan-las-herramientas-de-gestion-de-liquidez-en-fondos-ucits-y-aif-abiertos\/\" 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-19047 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-asset-management-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-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\" 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\/2026\/03\/ES-Entrevista-Hector-Esteban-1-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ES-Entrevista-Hector-Esteban-1-570x400.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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\">\r\n\t\tEntrevista con H\u00e9ctor Esteban, Director de Expansi\u00f3n Internacional de Mutuactivos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/entrevista-con-hector-esteban-director-de-expansion-internacional-de-mutuactivos\/\" 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-19183 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 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-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\" 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\/2026\/03\/ATOZ-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/ATOZ-Image-March-2026-570x400.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\tStable Coin. Stablecoins Cryptocurrencies Stable Market Price Value Coin Currency.\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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\">\r\n\t\tEvaluaci\u00f3n de las stablecoins: metodolog\u00edas, riesgos e implicaciones para la industria europea de fondos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/evaluacion-de-las-stablecoins-metodologias-riesgos-e-implicaciones-para-la-industria-europea-de-fondos\/\" 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-19213 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 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-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\" 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\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Women-who-inspire-Finance-Daniela-Abreu-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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\">\r\n\t\tWomen who inspire: Finance &#8211; Daniela Abreu\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/women-who-inspire-finance-daniela-abreu\/\" 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-19227 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 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-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\" 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\/06\/Entrevistas-breves-SFF-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/06\/Entrevistas-breves-SFF-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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\">\r\n\t\tConozca a los nuevos miembros del Spanish Financial Forum \u2013 Marzo 2026\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/conozca-a-los-nuevos-miembros-del-spanish-financial-forum-marzo-2026\/\" 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-19296 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2026 tag-tax-es 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-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\" 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\/2026\/03\/Van-Campen-Liem-Image-March-2026-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/Van-Campen-Liem-Image-March-2026-570x400.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\/2026\/03\/17\/\">marzo 17, 2026<\/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-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\">\r\n\t\tLuxemburgo y la carrera por el talento: carried interest e impatriates\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2026\/luxemburgo-y-la-carrera-por-el-talento-carried-interest-e-impatriates\/\" 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>Una stablecoin es una criptomoneda dise\u00f1ada para mantener un valor constante con respecto a un activo de referencia, normalmente una moneda de curso legal como el euro o el d\u00f3lar [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19156,"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":[336],"tags":[173],"class_list":["post-19183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sff-magazine-marzo-2026","tag-distribucion-de-fondos"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 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