Spain's securities regulator, the CNMV, has authorised Bit2Me Security Tokens Exchange (Bit2Me STX), a subsidiary of crypto exchange Bit2Me, to operate a Trading and Settlement System based on distributed ledger technology. The decision, announced on 28 October 2026, was granted under the EU's DLT Pilot Regime, set out in Regulation (EU) 2022/858, which allows market infrastructures to trade and settle tokenized securities under a dedicated supervisory framework.
The authorisation permits Bit2Me STX to trade shares and bonds represented on a distributed ledger, according to the CNMV. The platform is designed to run 24 hours a day, seven days a week, and proposes delivery-versus-payment settlement on a T+0 cycle, meaning trades settle on the same day they are executed.
"Today the Private Markets Exchange is born," said Javier Tordable, CEO and co-founder of Bit2Me STX.
A project three years in the making
Bit2Me STX began development in 2023 and went through Spain's regulatory sandbox, where it tested issuance, trading, custody and settlement processes for tokenized financial instruments between November 2024 and February 2025. One of the operations tested during that period was a corporate bond issued by Valorix, the Valorix Token 4T24, with ISIN ES0305845002. The bond carried a nominal amount of €145,000, a three-month maturity and a coupon of 3.25%. The CNMV published its conclusions on the sandbox tests in December 2025.
Bit2Me STX is now listed in the CNMV's official registry of investment services firms as an agencia de valores, under registry number 343. Leif Ferreira is CEO and co-founder of Bit2Me, the parent company. Bit2Me had previously announced obtaining authorisations related to MiCA and payment services, though tokenized securities that constitute financial instruments fall outside the scope of MiCA and are instead governed by securities market legislation and the specific DLT infrastructure framework.
First issuance expected in December
Bit2Me STX plans to begin operational activity in the coming weeks. Its first announced operation under the new authorisation will be a new tokenized corporate bond issuance from Valorix, this time for €1 million, with the launch planned for December 2026. According to Bit2Me, the issuance will be directed at eligible investors under applicable regulation. The company anticipates further issuances of shares, bonds and funds during 2027, subject to the necessary approvals and prevailing market conditions.
