Through General Resolution No. 1087/2025 (the “Resolution”), the National Securities Commission (“CNV”) expands the regime for the tokenization of securities.
General Resolution No. 1081/2025 of the CNV had already contemplated the possibility of digitally representing shares, corporate bonds (“obligaciones negociables”), CEDEARs, debt securities or participation certificates of publicly offered financial trusts, as well as shares of closed-end mutual funds with a public offering. The new Resolution broadens tokenization to include securities issued under the automatic public offering regimes for medium-impact, frequent issuers, or frequent issuances of financial trusts.
Furthermore, even in cases where the submission of a prospectus for approval is not required, the Resolution establishes that the digital representations of securities issued under the aforementioned regimes must include a specific section detailing the main characteristics of the digital representation, the Virtual Asset Service Providers (“VASPs”) involved in the tokenization process, among other information.
Finally, when the entire issuance is digitally represented, the CNV exempts the requirement to list such securities on authorized markets.
