Argentina Advances in Tokenization: the CNV Expands the Regulatory Framework
The Comision Nacional de Valores (CNV) took a decisive step toward modernizing Argentina's financial system by issuing General Resolution No. 1081/2025, which broadens and consolidates the regulatory framework for the tokenization of negotiable securities. The measure not only positions the country at the regional forefront of financial innovation but also seeks to provide greater legal certainty and transparency to the market.
A New Chapter in Market Digitalization
The regulation allows instruments such as shares, corporate bonds, CEDEARs, financial trusts, and closed-end mutual fund units to be digitally represented through distributed ledger technologies (DLT). This constitutes a second regulatory phase, the next step following Resolution 1069 issued in June, which was limited to assets backed by real world assets.
The new framework now encompasses a broader universe of securities, although it maintains certain restrictions: foreign sovereign bonds are excluded (except those from MERCOSUR countries and Chile), as are social, green, or sustainable instruments (SVS and VS), and automatic issuances not originating from frequent issuers.
The Role of PSAVs: Intermediaries for a New Era
The resolution introduces a central change: it incorporates Virtual Asset Service Providers (PSAVs) as authorized actors for the custody, trading, and marketing of tokenized securities. These providers must be registered across all categories of the CNV regulatory regime and must ensure asset segregation, cybersecurity standards, and real-time traceability.
The rationale is clear: investors must channel their instructions (including, among others, the exercise of voting rights at shareholder meetings) through these intermediaries. The CNV also establishes prior consultation protocols, token lockup mechanisms, and traceability records to ensure that both political and economic rights are exercised securely.
Innovation with Caution: Regulatory Sandbox
As in other international jurisdictions, Argentina has opted for a regulatory sandbox that will remain in effect until August 2026. During this period, the actual functioning of tokenized securities will be observed in a controlled environment.
Unlike European or British models, the Argentine sandbox does not entail case-by-case authorization but rather a temporary limitation to assess the initial impact. Once this period expires, the CNV will decide whether to expand, modify, or suspend the regime.
Transparency and Investor Protection
The regulatory framework emphasizes investor protection. Platforms that market tokenized securities must use clear language in their communications, avoiding excessive technical jargon, and must include warnings about the insolvency risks of PSAVs. Additionally, controls related to Anti-Money Laundering and Counter-Terrorism Financing (PLAyFT) are strengthened, in line with international standards.
The resolution also establishes that investors may, at any time, convert their tokens back into traditional securities (burning), ensuring flexibility and preventing market fragmentation.
Impact on Market Participants
For issuers: The new regulation opens the door for companies to partially or fully digitalize their issuances, facilitating access to financing through digital and mobile platforms. Furthermore, functional equivalence guarantees that the digital representation carries the same legal validity as its physical or book-entry counterpart.
For investors: Investors gain in terms of accessibility, traceability, and transaction speed, although they must rely on the technical and operational solvency of PSAVs.
For intermediaries and the fintech ecosystem: The regime represents an opportunity for PSAVs and new investment platforms to expand their role in the capital markets, offering innovative products and attracting a younger, more digitally oriented investor base. However, they face the challenge of meeting stringent custody and transparency requirements.
Argentina as a Regional Hub
With this resolution, Argentina seeks to establish itself as a regional hub for digital finance, following the path of Uruguay, Brazil, the European Union, and the United Kingdom, all of which have already advanced specific regulatory frameworks for tokenization.
The CNV is betting that the combination of legal certainty, technological neutrality, and regulatory openness will stimulate innovation, attract investment, and broaden financial inclusion.
Ultimately, Resolution 1081/2025 is not merely a technical adjustment: it is a structural shift in how negotiable securities are conceived in Argentina. Tokenization, until recently a nascent promise, is beginning to have clear rules and a solid framework to deploy its transformative potential.