The National Securities Commission (CNV) Expands the Tokenization Regime

By means of General Resolution 1081/2025 dated August 20, 2025, the National Securities Commission (CNV) incorporated the second stage of the Tokenization Regime, initiated with General Resolution 1069/2025.

Below are the main highlights of the regime in accordance with the changes introduced:

  1. Expansion of Tokenizable Securities

The new regulation authorizes the digital representation of:

  1. Shares (including those with dual listing).
    b. Corporate Bonds.
    c. CEDEARs.
    d. Debt securities and participation certificates of publicly offered financial trusts (Law 26,831), as well as shares of publicly offered closed-end mutual funds (Law 24,083), whose assets are composed mainly of real world assets or other admissible goods.

In addition, accessory rights inherent to each security may also be tokenized.

Exclusions:

  1. Tokenization of securities issued under public offering regimes with automatic authorization is not permitted, except for frequent issuers.
  2. Tokenization of foreign public debt is not permitted, except for sovereign securities issued by MERCOSUR countries and the Republic of Chile.
  1. Functional Equivalence

Digital instruments shall have the same validity and legal effects as traditional certificated or book-entry forms. The investor retains, at all times, the right to request the replacement of their digital holdings with their traditional equivalent.

III. Initial and Subsequent Digital Representation

  • Initial: The issuer must jointly request from the CNV both the public offering authorization and the digital representation authorization.
  • Subsequent: For securities already in circulation, only digital representation authorization is required (no new public offering), along with the publication of a material event at least 5 business days in advance.
  1. Operational Framework
  • Deposit: Securities must be held in a Central Depository Agent for Securities (ADCVN).
  • Registered holders: May be registered PSAVs, Custody Agents, or ALyCs, acting on behalf of investors.
  • Specialized TRD entity: Responsible for generating the digital representation under standards of security, immutability, fungibility, and traceability.
  • PSAVs: Must be registered in all categories of the CNV registry, being responsible for marketing securities on digital platforms and for their custody.
  1. Regulatory Sandbox

The Regulatory Sandbox period is extended until August 21, 2026, providing a controlled framework to assess the impact of the regime and its possible extension or modification.

With this resolution, the CNV substantially expands the universe of tokenizable instruments in Argentina, strengthens legal certainty, and aligns with international trends in digital finance.