Argentina Unveils Tokenization Reform To Expand Digital Asset Markets And Broaden Capital Access

Comisión Nacional de Valores de Argentina (CNV), Argentina’s National Securities Commission has introduced General Resolution No. 1137, a proposal aimed at broadening the framework for the tokenization of real-world assets. The initiative would enable a broader spectrum of financial instruments to operate באמצעות distributed ledger systems within the country’s capital markets.

The draft measure, currently under public consultation, outlines plans to extend tokenization capabilities to negotiable securities issued under nearly all Automatic Authorization Regimes recognized by the regulator. Previously, the regulatory structure limited digital representation to select instruments, including equities, corporate debt securities, and participation certificates tied to financial trusts issued within medium-impact frameworks or by frequent issuers.

Under the proposed revision, the scope would expand to include low-impact regimes as well as a newly established enhanced medium-impact category. This adjustment is expected to introduce greater operational and technical adaptability, enabling issuers with fewer entry requirements to access funding through digital formats while potentially shortening issuance timelines and lowering reliance on traditional intermediaries.

A notable shift involves the regulatory treatment of closed-end mutual funds. Earlier provisions restricted tokenization solely to units associated with closed-end credit funds. The updated proposal removes this constraint, permitting any closed-end mutual fund holding automatic public offering authorization to transition into a digital asset structure. Open-end mutual funds, however, remain excluded, leaving widely traded retail instruments outside the current scope of tokenization.

For issuers categorized under the low-impact regime, the proposal introduces an optional pathway. While the submission of an offering prospectus would not be compulsory, entities seeking to utilize digital representation could elect to prepare such documentation to obtain authorization. This element has prompted discussion, as it may enhance regulatory clarity but could also introduce additional procedural steps for smaller enterprises.

Argentina Extends Fintech Regulatory Sandbox To 2027, Advancing Digital Asset Integration And Market Modernization

The resolution further provides for the extension of the regulatory sandbox through December 31, 2027. This environment is intended to support controlled testing of financial technology initiatives, including those involving digital currencies and blockchain-based systems such as Bitcoin. The sandbox framework allows regulators to monitor developments in digital assets under less restrictive conditions prior to broader market adoption.

The latest proposal builds on earlier regulatory action taken in October 2025, when General Resolution No. 1087 expanded tokenization permissions to include medium-impact regimes and frequent issuers. That earlier measure enabled instruments such as shares, bonds, and trust participation certificates to begin integration with emerging technologies.

According to statements from the regulator, the current proposal is designed to streamline procedures and widen access to digital financial tools. Roberto Silva, who leads the commission, indicated that the objective is to modernize market access and reduce operational friction through increased digitalization.

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