Spain’s CNMV announced on 28 October that it had authorised Bit2MeSTX’s distributed-ledger trading and settlement system and internal rules. The operator is Bit2Me Security Tokens Exchange STX, S.A., and the permission covers shares and bonds represented using distributed ledger technology.[1]
The system combines the functions of a multilateral trading facility with securities settlement. The announcement describes what the system may do; it does not report a first trade or give a commercial opening date.[1]
The pilot keeps responsibility attached to the operator
The authorisation sits within the EU’s DLT pilot regime. Article 6 of Regulation 2022/858 combines trading-venue and settlement requirements for this type of system, subject to specified exemptions and safeguards. Permission to use a distributed ledger does not automatically waive every obligation that applies to those activities.[2]
What the EU pilot requires an operator to explain
| Operating area | Required documentation or controls |
|---|---|
| Legal responsibilities | Rules identifying the rights, duties and liabilities of the operator and users, including governing law and dispute arrangements.Source 2 |
| Ledger operation | Access, validating-node participation, conflicts and risk-management arrangements.Source 2 |
| Technology continuity | Proportionate IT and cyber controls, including smart-contract reliability and data protection.Source 2 |
Those Article 7 requirements make the operating rules material to a broker’s connection: the relevant question is how orders, securities and responsibilities pass through this particular system. A tokenised representation alone does not answer it.[2]
Securities permissions have a distinct scope
ESMA describes MiCA as the framework for crypto-assets outside existing financial-services legislation. The CNMV decision instead concerns tokenised financial instruments under the DLT pilot. The shared Bit2Me name is therefore insufficient to treat this securities-system approval as a permission for every crypto service associated with the brand.[3][1]
The CNMV release gives no participating brokers, access conditions or fees. Those details will determine how firms can use the venue.[1]
Sources & further reading
- CNMV authorises Bit2MeSTX DLT trading and settlement system (English release) Comisión Nacional del Mercado de Valores · 28 Oct 2026 · Accessed 30 Oct 2026
- Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology European Parliament and Council of the European Union · 2 Jun 2022 · Accessed 30 Oct 2026
- Markets in Crypto-Assets Regulation — scope European Securities and Markets Authority · Accessed 30 Oct 2026