Token City issues a bond on the ISBE network and automates its regulatory oversight

The company offers a platform covering the entire lifecycle of tokenised securities: issuance, registration, custody, trading and management. In November 2024, the CNMV approved Spain's first Entity Responsible for Registration and Recording (ERIR), which uses Token City's technology and enables the legal recognition of transferable securities represented on distributed ledger technology. Since then, the company has taken part in the first tokenised debt issuance, the first tokenisation of shares, and also the first issuance of a tokenised mortgage bond in Spain, among other transactions. In February 2026 it was registered in the CNMV's ESI Register as a Securities Agency, completing the technology services it had been providing with the regulatory coverage required to operate around tokenised instruments.

Extending tokenisation into the regulated financial sphere requires resolving several challenges at once: covering the entire lifecycle of the instrument, fitting it within a regulatory framework that distinguishes security tokens, governed by MiFID II, from other crypto assets, governed by MiCA, granting legal recognition to securities represented on distributed ledger technology through Spain's Securities Market and Investment Services Law, and enabling their trading under the European Union's DLT Pilot Regime for market infrastructures. The challenge is not only regulatory, but making all of this work in practice.

Token City is taking part in the design, issuance and management of a bond on the ISBE network, with full regulatory coverage in Spain. The procedure follows the usual market steps: execution of a public deed and registration with the Commercial Registry, registration as an ERIR with the CNMV, issuance and subsequent transferability, and listing on debt markets built on distributed ledger technology. As part of the project, Token City has developed its Transaction Reporting module, which identifies the participants and agents in each operation and records the transaction details (ISIN, price, quantity, and execution date and time), supporting regulatory oversight and compliance and ensuring transparency against market abuse, price manipulation and the use of insider information.

Token City brings to this project its track record as the entity behind the country's first regulated platform for the primary issuance of tokenised transferable securities, with a view to offering secondary trading on one of the first exchanges for tokenised transferable securities.

For further information: token-city.com