New Framework for Tokenizing Tradable Securities

On June 11, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1069/2025, which establishes a regulatory framework for the tokenization of marketable securities through their digital representation using distributed ledger technologies (DLT) or other equivalent technologies. This Resolution was issued following a public consultation carried out according to Resolution 1060/2025 (find our article on this Resolution here).

The aim of this Resolution is to provide greater legal certainty and foster the development of innovative financial products, promote financial inclusion, and position Argentina as a regional hub for digital finance. The regime will be implemented within a regulatory sandbox for one year, with the possibility of reviewing and adjusting it in the future.

Under this framework, tokenization is permitted for debt securities, participation certificates of publicly offered financial trusts, and units of closed-end mutual funds, provided their underlying assets consist primarily of real-world assets or other eligible assets that are not marketable securities traded on regulated markets, and as long as they are permitted under applicable regulations. The regime excludes social, green, and sustainable bonds (SVS), sustainability-linked bonds (VS), and securities issued under automatic public offering regimes.

The new regime includes two modalities: initial digital representation—carried out together with the physical or book-entry representation and deposit with a central securities depository agent (ADCVN)—and subsequent digital representation for tradable securities that were previously issued and are already in circulation. The digital representation does not create a new tradable security but instead serves as a complementary form of representation. Consequently, no additional public offering authorization would be required beyond the one already granted.

The Resolution establishes that these tokenized tradable securities will have functional equivalence with traditional securities and that their digital representation must adhere to the principle of technological neutrality.

The administration, trading, and custody of these securities will be carried out by virtual asset service providers (VASPs) duly registered with the CNV.

The registered holder(s) must be one or more VASPs or any financial trustee, management or depository companies duly registered with the CNV, and will act as the registered holders of the deposited securities on behalf of the investors. The regime provides that digital representation entails asset segregation between the registered holder and the beneficiaries. Economic and political rights will continue to be exercised through the VASPs, which must implement secure and traceable mechanisms to allow investors to issue instructions regarding these rights.

The Resolution reinforces standards of security, transparency, and recordkeeping integrity, ensuring strict compliance with anti-money laundering obligations, while applying the principles of technological neutrality and functional equivalence in relation to traditional forms of securities representation