On 10 June 2026 Argentina’s Comisión Nacional de Valores (CNV) approved Resolución General 1150/2026 (RESGC-2026-1150-APN-DIR#CNV), published in the Boletín Oficial on 11 June 2026. The resolution rewrites Title XXII of the CNV Normas on digital representation of securities: it extends the tokenization sandbox to 31 December 2027 and widens which valores negociables may be tokenized, including FCIA ETF shares and CEVA ETP certificates. It entered into force the day after publication.
Status, stated plainly: RG 1150 is published, in force, and sits inside the CNV rulebook. It is a controlled sandbox through end-2027, not a permanent open-ended regime.
How Argentina got to RG 1150
The CNV built tokenization in stages. RG 1069 opened a first digital-representation path for selected public-offering securities. RG 1081 widened that list and kept the experiment inside a one-year sandbox that was due to end 21 August 2026. Later instruments (among them RG 1087 and RG 1125) tied digital representation to automatic-authorization offering tracks and collective-financing placement rules.
In April 2026 the Commission floated the next step as a public draft under RG 1137 (PROYECTO RG TOKENIZACIÓN - OFERTA AUTOMÁTICA Y PRÓRROGA SANDBOX). Market comments came in; RGs 1142 and 1143 separately brought CEVA ETP and FCIA ETF into the capital-markets instrument set. RG 1150 is the definitive text after that consultation. CNV president Roberto E. Silva framed it as completing the Commission’s “Big Bang” modernization package.
The legal base is still the Capital Markets Law, with PSAV oversight reinforced by Ley 27.739 art. 37. Distributed ledger technology (TRD, tecnología de registro distribuido) is the defined rail for the digital form.
What art. 1º now admits
The substituted artículo 1º of Title XXII, Chapter I, Section I lists the securities that may take a digital representation. Per the official text and the CNV announcement, the roster includes:
| Instrument | What it means in plain terms |
|---|---|
| Acciones (including dual-listed) | Shares |
| Obligaciones negociables | Corporate bonds |
| CEDEARs | Argentine certificates for foreign underlying shares |
| Fideicomisos financieros debt/participation certificates | Public financial trusts whose underlying is mainly real-world assets or other admissible goods |
| FCIC cuotapartes | Closed-end mutual-fund shares (no longer limited to credit FCICs under automatic-authorization tracks) |
| FCIA ETF cuotapartes | Exchange-traded fund shares under the FCIA ETF regime |
| CEVA ETP | Exchange-traded product certificates |
Accessory rights attached to each security may also be digitized. Other open-end FCIA funds stay outside tokenization. Securities labeled Social, Green, Sustainable (SVS) or Sustainability-Linked (VS) are barred from the regime.
The same article opens tokenization for securities issued under the various Regímenes de Oferta Pública con Autorización Automática (automatic public-offering tracks), including low-impact and the newer medium-impact / medium-impact-amplified tracks, again with the FCIA automatic-authorization carve-out. Low-impact issuers that want a digital form must voluntarily prepare a prospectus in the medium-impact style and still ask the CNV for digital-representation authorization.
Hard exclusions stay in the text: foreign sovereign debt (except Mercosur member states and Chile) may not be tokenized and may not sit as underlying in the trusts or closed funds above. Public entities under Capital Markets Law art. 83 do not need a separate CNV digital-representation authorization to tokenize.
How the rails actually work
Digital representation is an additional form, not a replacement. Art. 5º still requires a traditional (paper or book-entry) form, deposited at an ADCVN (central securities depository) in a segregated account held by a titular registral acting for investors. Eligible holders of record are a registered PSAV, an AAPIC, a depositary company, or an integral ALyC. A specialized TRD entity (which need not itself be a PSAV) mints the digital tokens to a standard that must be secure, immutable, verifiable, fungible, integral, transferable, and traceable.
Trading and custody of the digital form happen on platforms of designated registered PSAVs, no more than five per issuance, with real-time interoperability so the digital ledger and the ADCVN book stay in sync. Transfers outside those PSAVs, and into decentralized virtual-asset protocols under AML Law art. 4º bis, are forbidden; smart contracts must block non-permitted moves.
Only PSAVs registered in all categories under Title XIV, Chapter III may participate for the life of the digital representation. Pure technology vendors that only mint tokens for a PSAV to sell need not register as PSAVs, but anyone doing AML Law art. 4º bis activities still must.
Art. 38 is the clock: the sandbox runs through 31 December 2027 inclusive. Emissions already digitally represented during the window keep their validity afterward; new digital representations stop unless the CNV extends or rewrites the regime. An authorization unused for two years drops out of the tokenization track automatically, without killing the ordinary public offering.
Who this changes things for
Issuers on automatic-offering tracks. Low- and medium-impact bond, share, trust, and closed-fund deals can now ask for a digital twin if they meet the prospectus and authorization steps. That is the practical widening versus the pre-1150 list.
ETF and ETP sponsors. FCIA ETF shares and CEVA ETP certificates sit on the admissible list for the first time in this regime. Other open FCIA products do not.
Registered PSAVs. Full-category registration is the price of admission to place, trade, and custody the digital form. Interoperability with up to four peer PSAVs and live sync with the ADCVN are product requirements, not optional polish.
Investors. You buy and hold the digital form inside designated PSAV apps, not by sending tokens to a self-custody wallet or a DeFi pool. Voting and assembly rights route through the titular registral with documented instructions and blocking at both the PSAV and the ADCVN (art. 18). Holding certificates can be requested so the traditional-form rights stay enforceable.
The regional comparison. Argentina is lengthening a capital-markets tokenization sandbox under the securities regulator. Brazil’s parallel pressure on crypto intermediaries is a licensing and conduct track: Resolução BCB nº 520 (SPSAV file by 30 October 2026), Resolução BCB nº 580 (Tipo 3 prudential rules), and Resolução BCB nº 584 (24-hour hold on large exits to self-custody or foreign VASPs from 1 January 2027). Same region, different supervisors, different problem statements. CNV RG 1150 is about which public securities may live as tokens on supervised rails through 2027; the BCB package is about who may offer virtual-asset services and how large withdrawals leave those services.
What to do with the Dec 2027 window
If you issue or place Argentine securities: read art. 1º against your instrument. Confirm whether you sit on an automatic-authorization track, whether you need a voluntary prospectus for low-impact digital representation, and whether your product is an FCIA ETF / CEVA ETP or a barred SVS/VS label. Budget CNV digital-representation authorization lead time inside the sandbox calendar.
If you run a PSAV: full-category registration, TRD-entity selection, ADCVN deposit mechanics, and the five-PSAV interoperability cap are the build list. Transfers that leave the designated PSAV set are out of scope by design.
If you hold or advise on Argentine public securities: treat the digital form as a supervised twin of a traditional security, not as a free-floating crypto token. Self-custody of the digital representation is outside this regime’s transfer rules.
This is a reading of a published CNV resolution, not legal, tax, or investment advice. Verify operative wording on the CNV / argentina.gob.ar text of RG 1150 and the Boletín Oficial publication before you change a product or an offering plan.
Takeaway
Resolución General 1150/2026 of the CNV, dated 10 June 2026 and published 11 June, extends Argentina’s securities tokenization sandbox to 31 December 2027 and expands the admissible list to automatic public-offering regimes plus FCIA ETF and CEVA ETP, while keeping transfers inside designated registered PSAVs tied to a traditional deposit at an ADCVN. The experiment now has sixteen months of runway from the old August 2026 cliff. Build against the numbered resolution, not against the draft that preceded it.
