Tokenization Regime for Securities Now Expanded

The Argentine Securities Commission (CNV) approved General Resolution 1081/2025 On August 20, 2025, broadening the range of securities eligible to be digitally represented. Following this Resolution, in addition to the instruments included in the first phase under Resolution 1069 (you can read our article on it here), the following may also be tokenized:
 

1. shares, including dual-listed ones,
2. corporate bonds,
3. CEDEARs.

In all cases, the rights inherent to each digitally-represented security may be subject to the regime, such as the political and economic rights of tokenized shares or the right to receive interest payments from corporate bonds.

Regarding debt securities or participation certificates whose underlying assets are mainly composed of “real world assets” or other eligible assets, is the Resolution clarifies that the underlying asset may consist, for example, of securities issued by private entities (with or without public offering) and by public entities and agencies included in authorized domestic markets, in accordance with article 83 of Law 26831. The same rule applies to shares of closed-end mutual funds with public offering under Law 24083, provided that their assets are mainly composed of this type of securities.

Conversely, the tokenization of sovereign debt issued by foreign countries or jurisdictions is restricted, except for those issued by Mercosur member countries and/or Chile. These instruments may also not be part of the underlying assets of financial trusts or the assets of closed-end mutual funds.

Resolution 1081 also incorporates Virtual Asset Service Providers (VASPs) as new depositors before the central securities depository agent (ADCVN), provided they participate in the digital representation of securities. It also authorizes broker-dealers (ALyCs) to act as registered holders.

Participating VASPs must implement prudential custody mechanisms for digitally-represented securities that have not been placed or that are blocked. These schemes must ensure an equivalent level of security and will be detailed in operating regulations and guidelines.

The regime will operate within a regulatory sandbox, in effect until August 21, 2026, and it may be reviewed and adjusted later.

With this measure, the CNV reaffirms its commitment to modernizing and developing innovative tools in the capital market.