ANÁLISIS DEL VACÍO NORMATIVO EN LA REGULACIÓN DE LA TOKENIZACIÓN DE ACTIVOS Y SEGURIDAD JURÍDICA

Abstract

The digital transformation of financial markets has accelerated the adoption of asset tokenization, enabling ownership rights over physical and financial assets to be represented through blockchain-based tokens. In Ecuador, the legal framework governing the digitalization of financial markets remains fragmented and incomplete. The Commercial Code recognizes the legal validity of agreements executed electronically, while the amendments to the Companies Law allow the tokenization of equity interests. However, the Securities Market Law does not provide rules governing either the issuance or the trading of tokenized assets on the stock exchange, creating a regulatory gap that limits the development of new financing alternatives. This places Ecuador at a competitive disadvantage compared with neighboring countries such as Argentina, Brazil, Colombia, Chile, and El Salvador, all of which have already adopted specific regulations on asset tokenization. This study identifies the existing regulatory gap and, through a comparative analysis of different legal systems, proposes amendments to both the Securities Market Law and the Fintech Law to grant legal recognition to tokenized assets. These reforms seek to strengthen legal certainty, foster investor confidence, and create a regulatory environment capable of attracting international investment.