The Argentina Securities Commission (CNV) issued a notice requiring the immediate cessation of certain public offering activities in Argentina linked to the virtual asset “ARGt”, on the grounds that it should be treated as a negotiable security that appears to have been offered to the public irregularly. The intervention followed CNV monitoring of public communications promoting returns associated with ARGt, including references to rates of up to 32% nominal annual rate. CNV noted that where a virtual asset has the characteristics of an investment contract, it can be considered a negotiable security under criteria commonly referred to as the Howey Test. Based on its analysis, the scheme included a promised or expected return tied to holding ARGt, which would fall within the investment contract concept included in the definition of negotiable security under Article 2 of the Capital Markets Law (Law No. 26,831), making it subject to the public offering regime. The CNV therefore ordered the immediate cessation of the listing, offering or intermediation of ARGt, and the cessation of any issuance, promotion or offering of instruments that may constitute negotiable securities without CNV authorisation.
Argentina Securities Commission (CNV) 2026-03-12
Argentina Securities Commission orders immediate halt to ARGt virtual asset offering for suspected unregistered securities activity
The Argentina Securities Commission (CNV) has mandated an immediate halt to public offerings of the virtual asset "ARGt," classifying it as an irregularly offered negotiable security. The CNV's decision follows its analysis that ARGt aligns with an investment contract under the Howey Test, requiring compliance with the Capital Markets Law. Consequently, the CNV has prohibited any listing, offering, or promotion of ARGt without proper authorization.