The CNV enables the tokenization of Real-World Assets
Capital Markets Department Report | The CNV Enables the Tokenization of Real-World Assets.
On July 2, 2025, the Argentine Securities and Exchange Commission (the “CNV”) issued General Resolution No. 1069, establishing a specific framework for the digital representation of certain publicly offered securities through distributed ledger technologies (“DLT”) or similar technologies.
This regulation follows the public consultation process initiated by General Resolution No. 1060 on April 10, 2025. It will apply within a temporary, limited regulatory environment during which the CNV will assess its implementation and consider potential adjustments.
Below is a summary of the most relevant aspects of this regulation:
Eligible Securities
The approved framework allows the digital representation exclusively of instruments whose underlying assets consist of real-world assets or other eligible assets that are not publicly traded securities listed on authorized markets in Argentina. Specifically, the regulation applies to:
-Debt securities or participation certificates of publicly offered financial trusts; and
-Units of closed-end mutual funds with a public offering.
This represents a shift from the original draft, which contemplated a broader scope including shares, CEDEARs, and corporate bonds.
Temporary Implementation Regime
The rule is enacted under a temporary testing framework (sandbox), which will be in force for one year from its effective date. During this period, securities may be digitally represented. Once this period ends, no further digital representations may be issued or generated under this regime, except as strictly necessary to comply with preexisting commitments. The CNV may subsequently extend, amend, or terminate the regime based on its evaluation.
Digital Representation and Technological Neutrality
Securities must initially be issued in physical or book-entry form and deposited with a Central Securities Depository (“CSD”). The digital representation will be optional and additional, and may be applied in whole or in part, as specified in the offering documents.
The regulation is based on the principles of technological neutrality and functional equivalence with traditional forms. Digitally represented securities may be converted back into traditional securities at the investor’s request (and vice versa), facilitating arbitrage across different trading environments.
Role of VASPs
To participate in this regime, Virtual Asset Service Providers (“VASPs”) must be registered in all categories of the CNV’s VASP Registry. They may:
-Market digitally represented securities through their digital platforms and/or mobile applications;
-Participate in the placement of digitally represented securities;
-Process investor instructions regarding the exercise of economic and voting rights.
VASPs must ensure the segregation of digitally represented securities from their own assets, both in their records and financial statements. In the event of a VASP’s insolvency, such assets must be treated as third-party property in accordance with Article 138 of the Bankruptcy Law.
For further questions or additional information, please do not hesitate to contact our team.
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