Argentina Securities Commission expands tokenization regime to new securities and waives listing for fully digital issuances

The Argentina Securities Commission (CNV) has issued a rule change expanding the tokenization regime introduced under its earlier framework, widening the public offering pathways and instrument types that can be issued and traded as digitally represented assets within the regulated capital markets environment. Under the amendment, tokenizations can be carried out using the automatic public offering regimes for medium-impact offerings, frequent issuers and frequent issuances of financial trusts, as applicable, for shares, corporate bonds, debt securities or participation certificates of financial trusts, and units of closed-end credit mutual funds with public offering. Issuers seeking authorization for digital representation must file an additional dedicated disclosure chapter, even where prior prospectus approval is not required, covering the main features of the digital representation, associated risks, the involved Virtual Asset Service Providers and the technology used. Any issuance represented entirely in digital form is also exempted from the requirement to be listed on authorized markets, regardless of the public offering regime used.