On October 22, 2025, the National Securities Commission (“CNV”, after its spanish acronym) through General Resolution 1087/2025 (the “Resolution”) expanded the range of negotiable securities that may be digitally represented.
Pursuant to the Resolution, the following negotiable securities shall be eligible under the Tokenization Regime, provided that they fall within the automatic public offering regimes of medium impact, frequent issuers, or frequent issuances:
a. Shares.
b. Negotiable obligations (corporate bonds).
c. Argentine Depositary Certificates (“CEDEARS”).
d. Debt-representative securities or participation certificates of financial trusts publicly offered pursuant to Law No. 26,831.
e. Units of closed-end mutual investment funds publicly offered pursuant to Law No. 24,083.
Additionally, the Resolution provides that issuers whose issuance is represented 100% digitally shall not be required to list on authorized markets, regardless of the regime under which they operate.
Furthermore, issuers under the automatic public offering regimes of medium impact, frequent issuers, or frequent issuances of financial trusts including cases in which they are not required to file a prospectus must submit to the CNV a specific additional chapter detailing the characteristics of the tokenization, the associated risks, the Virtual Asset Service Providers involved, and the technology used.
The Resolution entered into force on October 24, 2025.
