Argentina’s Securities Commission (CNV) issued General Resolution No. 1069, approving the first phase of its final tokenisation rules for “Real World Assets” following a public consultation. The framework creates a regulated regime for the digital representation of certain publicly offered financial trusts and closed-end mutual funds using distributed ledger technology (DLT) or similar technologies. The regime applies to publicly offered financial trusts and closed-end mutual funds composed of real world assets or other admissible assets that are not negotiable securities traded on authorised domestic markets. Digital representation is treated as a specific form of tokenisation with functional equivalence to traditional paper or book-entry forms, and is intended to meet requirements such as security, immutability, verifiability, integrity, transferability and traceability. Tokenised representations are to be traded on platforms and/or mobile applications of CNV-registered PSAV, with terms set out in an issuance document; the underlying securities must still be issued in traditional form and deposited with an Agent Central Securities Depositary for Negotiable Securities (ADCVN) via an authorised depositor, immobilised in a special account and recorded in the name of one or more registered holders (including PSAV or specified collective investment administration/custody agents acting for investors). Tokenisation may be carried out by a specialised DLT entity (whether or not registered as a PSAV), while participating PSAV are responsible for distribution and for administering and safeguarding the digital environment; investors may request conversion back to traditional representation at any time. Implementation will run through a regulatory sandbox for one year during which issuances can be made under the framework. After that period, no new issuances will be admitted, although issuances already made remain valid, and any approved issuance not digitally represented within two years will be excluded from the regime.
Argentina Securities Commission (CNV) 2025-06-12
Argentina Securities Commission adopts one-year sandbox and first-stage framework for tokenising Real World Asset trusts and closed-end funds
Argentina's Securities Commission (CNV) issued General Resolution No. 1069, establishing a regulated framework for tokenising "Real World Assets" using distributed ledger technology. The regime applies to publicly offered financial trusts and closed-end mutual funds, ensuring digital representations meet security and traceability standards. Implementation will occur through a one-year regulatory sandbox, after which no new issuances will be admitted, though existing ones remain valid.