12 Jun 25 Tokenization regime for real world assets

By Agustín L. Cerolini, Martín Chindamo, Valentina Circolone and Tomás Mingrone

By means of Resolution No. 1,069 (hereinafter, the «Resolution«), the Argentine Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) approves the final regulatory framework for the tokenization of the so-called Real World Assets.

This framework, which had previously been subject to public consultation through General Resolution No. 1,060, establishes a regulatory regime applicable to Financial Trusts and Closed-End Mutual Funds with public offering, composed of real-world assets or other eligible goods, excluding securities listed on authorized domestic markets.

The Resolution expressly incorporates the possibility of digitally representing securities through Distributed Ledger Technologies (hereinafter, “DLT”) or other similar technologies, recognizing digital representation as a specific form within the broader concept of tokenization. In this regard, the framework seeks to ensure that the instruments thus represented meet standards of security, immutability, verifiability, fungibility, integrity, transferability, and traceability, granting them functional equivalence with traditional forms, whether certificated or book-entry.

Initial or subsequent digital representations of the above-mentioned securities must be traded on platforms operated by Virtual Asset Service Providers (hereinafter, “PSAV”, by its acronym in Spanish) registered with the CNV, and must be deposited with a Central Securities Depository Agent.

Tokenization may be carried out by an entity specialized in DLTs, regardless of whether it is registered as a PSAV. Participating PSAVs will be responsible for the commercialization, administration, custody, and management of the digital environment associated with the digitally represented securities.

The Resolution also expressly grants investors the right to request, at any time, the replacement of the digital representation with a traditional certificated or book-entry form.

The regime will be implemented through a regulatory sandbox for a period of one year. During such term, issuances under this framework will be permitted. Once the term expires, no new issuances will be allowed, without prejudice to the validity of those already made. Approved issuances that are not digitally represented within a two-year period will be excluded from the regime.