The Argentina Securities Commission (CNV) issued General Resolution No. 1081, launching a second phase of its tokenization regime that materially broadens the range of negotiable securities that may be digitally represented. The expanded scope includes shares (including dual-listed shares), corporate bonds (obligaciones negociables) and CEDEARs. The resolution also adds Virtual Asset Service Providers (PSAV) as eligible depositors with the Central Securities Depositary for Negotiable Securities (ADCVN) when they participate in the digital representation process, and allows Comprehensive Clearing and Settlement Agents (ALyC integrales) to act as possible registered holders. Investors are granted the right to request, at any time, a replacement of the digital representation with traditional forms of representation, and tokenization is permitted for securities issued under frequent issuer regimes with automatic authorisation. Digitally represented securities must meet conditions including security, immutability, verifiability, fungibility, integrity, transferability and traceability, and are given functional equivalence to traditional certificated or book-entry forms. Implementation will run through a one-year regulatory sandbox during which issuances may be carried out under the framework, with the sandbox scheduled to end on 21 August 2026; CNV may evaluate outcomes and extend, amend or terminate the regime.

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