Issue tokenized securities in Argentina.
The National Securities Commission (CNV) has a pilot tokenization regime until 31 December 2027. The token is one more way to represent the same negotiable security. With HokenFi you prepare the issuance and coordinate your law firm, registered providers and your investors from a single account.
What the Argentine regulation allows.
Since 2025, CNV rules allow digital representation of negotiable securities with authorized public offering. The list has been expanded in stages, the last in June 2026. Digital representation adds another way to represent the same negotiable security. What is issued remains valid when the pilot period ends.
- Shares and negotiable obligations.
- CEDEARs, financial trust securities and closed-end fund units.
- Units in exchange-traded funds (ETF).
Social, green, sustainable and sustainability-linked securities cannot be tokenized. Securities must first, or at the same time, have their public offering authorization.
ArgentinaCaja de Valores and providers registered with the CNV
SpainERIR
- ArgentinaCaja de Valores and providers registered with the CNV
- SpainERIR
Who keeps the register.
There is no single vehicle like the Spanish ERIR. The registry is divided among three.
- Securities in their traditional form are deposited with Caja de Valores, the only collective depository agent registered with the CNV.
- The digital form is managed by virtual asset service providers (VASPs) registered in all categories of the CNV registry. At most five per issuance.
- An entity specialized in distributed ledger technology generates the tokens. A party that only provides the technology to generate them does not necessarily have to register as a VASP.
Above 7 million UVA, the issuance also needs a backup VASP. If the entire issuance is represented digitally, it does not need to be listed on a market.
IssuerYour company
Caja de Valores and VASPRegistered with the CNV
Investor
Investor
Investor
IssuerYour company
Caja de Valores and VASPRegistered with the CNV
Investors
In Spain, ERIR
Three ways to do it.
In Argentina, under the CNV regime
InvestorsWith authorized public offering
Authorized public offering, deposit with Caja de Valores and digital form through registered VASPs.
From Argentina, in Spain with ERIR
InvestorsEach with their token
A Spanish public limited company issues with ERIR. To offer it to residents in Argentina without CNV authorization, the private offering allows inviting 50 qualified investors and 30 non-qualified investors, and selling to a maximum of 35, 15 of them non-qualified. No mass media, and the website only with restricted access. Each investor signs a warning and cannot resell to qualified investors for 3 months or to non-qualified investors for 6 months.
By contract
InvestorsWithout any action directed at the public
A loan with each investor. If the contracts are identical and in series, they can be negotiable securities, and raising funds from the public without authorization is prohibited. It depends on not taking any action directed at the public.
Spain and Argentina, face to face.
| Spain | Argentina | |
|---|---|---|
| Rule | Ley 6/2023, articles 6 to 8, and Real Decreto 814/2023 | Ley 26.831 and the CNV tokenization regime, in pilot until 2027 |
| Who keeps the register | The ERIR, registered in the CNMV's ERIR register | Caja de Valores for the traditional form and registered VASPs for the digital form |
| What is the token | The value represented in the distributed ledger | An additional representation of the same negotiable security |
| No prospectus or registration | Exempt below 12 M€ under the European regulation from June 5, 2026. Ley 6/2023 still says 8 M€; your law firm confirms the threshold | Private offering with up to 35 buyers, with no more than 15 non-qualified. |
When it fits and when it doesn't.
It fits if
- You are going to issue shares or negotiable obligations with authorized public offering and want to represent them digitally.
- You want to issue in Spain with ERIR and offer privately in Argentina.
- You have your own investors to invite.
It does not fit if
- Your issuance is a social, green, sustainable, or sustainability-linked security.
- You want the tokens to move outside VASPs or on decentralized protocols.
- You expect someone to find investors for you. HokenFi does not find them.
How it's done with HokenFi.
You tell us what you want to issue and the platform prepares the milestones for you.
- 01
Your structure
A law firm with practice in Argentina confirms the public offering regime for your issuance.
- 02
Your documentation
The issuance document includes a dedicated chapter on the network, smart contracts, VASPs, and risks.
- 03
Your providers
You choose the VASPs and the registered holder. On the platform they have their own access and sign sensitive transactions, as ERIR does in Spain.
- 04
Your issuance
You activate your plan and prepare the tokens.
- 05
Your investors
They are verified, subscribed, and paid through the VASPs, and you see the list on your dashboard.
What beginners usually ask.
Is the token a new security?
No. For the CNV, digital representation is an additional way of representing the same negotiable security.
How long does the regime last?
The pilot period lasts until December 31, 2027. What has been issued remains valid afterwards.
Are there already tokenized issuances in Argentina?
Yes. The CNV says in RG 1150/2026 that it has already authorized digital representations of negotiable securities.
Can a foreign company issue in Argentina?
Yes, with the same requirements as a local one and a permanent representation in the country. To tokenize, it needs public offering authorization, either before or at the same time.
Is this legal advice?
No. It is a summary to guide you, with no value as legal or investment advice. HokenFi provides the software and does not offer securities or provide regulated financial services. Your law firm assesses your case.
Are you issuing in Argentina? Tell us about your case.
We explain how your issuance is prepared on the platform and what you will need to resolve with your law firm.
