Tokenization of Negotiable Securities (CNV General Resolution 1081)

The CNV issued General Resolution 1081, which regulates the digital representation of negotiable securities (“tokenization”) within the scope of virtual asset service providers.

The regulation establishes that tokenization does not create a new negotiable security, but rather constitutes an alternative modality of digital representation of negotiable securities that have already been issued and registered with Caja de Valores S.A. (CVSA).

Relevant aspects:

• Tokenization is limited to certain negotiable securities with public offering, such as shares, negotiable obligations, CEDEARs, debt securities, certificates of participation in financial trusts backed by real-world assets, and units of closed-end mutual investment funds whose assets are mostly composed of real assets.
  
  

• Certain instruments, such as social, green, or sustainable securities, are excluded except in specific cases.
  
  

• PSAVs may assume relevant operational roles: acting as depositors in the ADCVN for digital representations, administering tokens, recording transactions, and custodying digital assets within the authorized scope.
  
  

• The resolution requires identity verification mechanisms, appropriate custody, transparency, complaint management, and strict compliance with anti–money laundering regulations.
  
  

To tokenize negotiable securities, the issuer must request a digital representation authorization, complementary to the traditional public offering authorization. The application must include an Issuance Document with technical and operational details.