A blockchain project led by Renta 4, Onyze, Allfunds Blockchain, and IoBuilders has been admitted to the regulatory sandbox program run by the top three Spanish regulators, the companies announced on Wednesday.
The project called ‘Issuance and Custody of Tokenized Shares on an Investment Fund’, is testing the blockchain applications in the field of issuance, management and distribution of tokenized investment funds. Its focus will remain to simplify the marketing efforts to the investors.
The four companies leading the project are directly involved in the development project. Allfunds Blockchain is providing the blockchain infrastructure for the tokenization and operation of investment funds, while Renta 4 Banco will handle marketing among its existing investor base. Onyze and ioBuilders will be the custodian and a technology partner, respectively.
“Being able to access the Sandbox, together with players that are benchmarks in the financial sector, will not only help us but the entire blockchain environment in Spain, setting us as a benchmark in Europe for the regulated custody of digital assets,” said Ángel Luis Quesada, CEO at Onyze.
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Working Closely with the Regulators
Spanish Congress approved the regulatory sandbox program in September 2020 to which 67 financial projects submitted their initial prospectus. The program is overseen by the Bank of Spain, the Spanish National Securities Market Commission (CNMV) and the General Direction of Insurance & Pension Funds (DGS).
Additionally, the four companies are optimistic as the blockchain project was listed among the first set of projects admitted to the sandbox.
“Consolidating our blockchain technology potential through collaborations like this one, with the opportunity to work hand in hand with the regulator, is another step towards the consolidation of our value proposition through technology,” Allfunds Blockchain’s Managing Director, Rubén Nieto said.
“This project represents a huge step forward in improving efficiency and innovation in an industry as important as investment funds. It will have benefits in terms of transparency, costs and agility for the client,” Miguel Jaureguízar, Director of Digital Development at Renta 4 Banco, added.