The CNV Expands the Tokenization Framework and Consolidates Argentina’s Leadership in Digital Finance

On October 22, 2025, the National Securities Commission (CNV) issued General Resolution No. 1087, expanding the Tokenization Framework previously established by General Resolutions Nos. 1069 and 1081.

This new regulation marks a significant step forward in the modernization of Argentina’s capital markets and reinforces the country’s position as a regional leader in digital finance and tokenized assets.

A Third Stage in the Evolution of Tokenization in Argentina

The CNV continues to advance in the regulation of the digital representation of securities through distributed ledger technologies (DLT), with the aim of streamlining processes, reducing costs, increasing transparency, and strengthening investor protection.

In this third stage, Resolution 1087/2025 broadens the range of instruments that can be tokenized, expressly allowing their use under the following regimes:

  • Medium-impact automatic public offering

  • Frequent issuers

  • Frequent issuances of financial trusts

As a result, the following instruments may now be digitally represented:

  • Shares

  • Corporate bonds

  • Debt securities or participation certificates from financial trusts

  • Units of closed-end credit mutual funds with a public offering

Key Regulatory Developments

The resolution introduces several important amendments to the CNV Rules (Consolidated Text 2013 and amendments):

1. Expansion of Tokenizable Instruments
The possibility is now included to tokenize not only shares and corporate bonds but also CEDEARs, debt securities, participation certificates from financial trusts, and units of closed-end funds, provided that their composition is primarily linked to “real world assets.”

2. New Transparency Requirements
Issuers requesting authorization to digitally represent their securities — even when prior approval of the prospectus is not required — must include a specific section with information regarding the digital representation, associated risks, involved Virtual Asset Service Providers (VASPs), and the technology used.

3. Elimination of the Mandatory Listing Requirement
When an issuance is 100% digitally represented, it will no longer be required to list it on authorized markets, regardless of the regime under which it was issued. This measure aims to promote the adoption of innovative technological solutions and reduce unnecessary administrative burdens.

4. Specific Limitations
The CNV excludes from this framework social, green, sustainable (SGS) or sustainability-linked (SL) securities, as well as low-impact automatic public offerings. Tokenization of foreign public debt securities is also not permitted, except for those issued by MERCOSUR countries and Chile.

A Modern and Competitive Regulatory Framework

The CNV bases this expansion on Capital Markets Law No. 26,831, Productive Financing Law No. 27,440, and Law No. 27,739, which grant the Commission broad regulatory and supervisory powers, including those related to VASPs.

With this update, the CNV seeks to promote financial innovation, foster the development of the local capital market, and encourage new financing and investment alternatives within a regulated, secure, and technologically advanced environment.

Argentina at the Forefront in the Region

As in previous stages, the CNV reaffirms its regional leadership in the regulation of digital assets and tokenized securities, aligning with international standards for financial market modernization.

As noted by CNV President Roberto E. Silva, the expansion of the framework “facilitates the issuance and trading of digitally represented assets within a regulated environment” and “strengthens the regulatory framework by expanding the tools available to all financial market participants.”

In Summary

General Resolution No. 1087/2025 reinforces the CNV’s commitment to the digitalization of Argentina’s capital markets, enabling more instruments, simplifying processes, and reaffirming the country’s regional leadership in tokenization and digital finance.

The full text is available in the Official Gazette of the Argentine Republic and on the CNV’s website: www.argentina.gob.ar/cnv