21 Ago 25 The CNV expands the Tokenization Regime to listed securities

By Martín Chindamo and Tomás Mingrone

By means of Resolution No. 1,081 (hereinafter, the «Resolution«), the Argentine Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) introduces a second stage of the Tokenization Regime, significantly expanding the universe of securities that may be digitally represented.

Following the public consultation carried out under CNV General Resolutions No. 1,060 and No. 1,069 —which covered both real-world assets and unlisted securities—, the CNV reaffirms its commitment to innovation and the modernization of the capital markets.

In this new stage, tokenization is authorized for:

i) Shares, including dual-listed shares;

ii) Notes; and

iii) CEDEARs.

In addition, Virtual Asset Service Providers are allowed to participate in the digital representation of securities, acting as new depositors before the Central Securities Depository Agent. Furthermore, Settlement and Clearing Agents are enabled to act as potential registered holders.

The Resolution grants investors the right to request, at any time, the replacement of digital representation with traditional forms of representation, ensuring flexibility and legal certainty.

Moreover, tokenization is permitted for securities falling within the frequent issuers with automatic authorization regimes established under current regulations.

Finally, the implementation of the regime will take place within a Regulatory Sandbox for a one-year term, allowing issuances under this framework until August 21, 2026. The CNV reserves the right to extend, amend, or terminate the regime depending on the results observed during the trial period.