An agribusiness SME from Rosario needs capital to expand its plant. The bank offers it expensive pesos and the local capital market is too small for it. In 2026 that company has two regulated routes to tokenize its financing: the CNV tokenization regime, in sandbox mode until the end of 2027, and issuance under Spanish law with access to European investors. This guide explains what each route covers and the criterion for choosing between them.
What the Argentine tokenization regime allows today
Argentina ceased to be a regulatory vacuum in June 2025. The National Securities Commission (CNV) approved a framework to represent securities through distributed ledger technologies. The first version allowed debt securities and participation certificates of financial trusts with public offering, with real-world assets as underlying (RG CNV 1069/2025).
The regime operates within a regulatory sandbox, a trial period with enhanced supervision. Later resolutions expanded the eligible instruments: shares, corporate bonds, CEDEARs, financial trusts and units of closed-end mutual funds (RG CNV 1081/2025 and RG CNV 1087/2025).
In June 2026 (RG CNV 1150/2026, published in the Official Gazette on June 11) the CNV extended the sandbox until December 31, 2027 and added eligible instruments, including fund units with automatic public offering authorization. Issuances closed within the sandbox retain their validity even if the regime is not renewed afterwards (RG CNV 1150/2026). The text of each resolution is in the Official Gazette and in the CNV communications.
Criterion: if your instrument is on the current list, your investors are Argentine and you raise in the local market, the CNV regime is the short route. Confirm the fit against the applicable resolution, not against the press release.
The PSAV registry regulates services, not issuances
Law 27.739 introduced in 2024 the figure of the virtual asset service provider, the PSAV, and tasked the CNV with its registry (Law 27.739, art. 37). The CNV itself regulated the registration that same year (RG CNV 994/2024).
The PSAV registry covers exchanges, custodians and other crypto-asset intermediaries. It is not a license to issue tokenized securities. An issuance of tokenized shares or debt goes through the public offering regime and the tokenization sandbox, not the PSAV registry.
Criterion: if your plan is to issue, first define the instrument. Registering as a PSAV "just in case" adds compliance obligations and does not bring you closer to issuance.
When the European route makes sense from Argentina
The CNV regime solves local issuance. It does not solve access to European investors or fundraising in euros under European Union law. That is where an Argentine company can support the issuance through a Spanish vehicle.
The structure: a Spanish company of the group issues the security token, which in Europe is a financial instrument like any share or bond. The ownership registry is handled by an ERIR, the "digital notary" of the tokenized securities registry, a figure required by Ley 6/2023 and developed in RD 814/2023 (Ley 6/2023; RD 814/2023). The first ERIR authorized by the CNMV was URSUS-3 Capital, A.V., in November 2024.
For large offerings, a prospectus approved by the CNMV is passported throughout the EU (Regulation (EU) 2017/1129, arts. 24-25). For offerings of up to 12 million euros in 12 months, the prospectus exemption in force since June 2026 applies, with each Member State able to lower it to 5 million (Regulation (EU) 2024/2809). The operational detail is in the guide to the European prospectus passport.
Typical cases from Argentina: agri exporters that invoice in euros and want debt in their collection currency; real estate developers looking for capital outside the local circuit; groups with European clients that prefer investors in the same jurisdiction as their contracts. In all three, the argument is to subject the instrument to the law those investors already know.
Criterion: the European route pays off when the target investor is in Europe or requires European law. If your investor base is local, duplicating structures only adds cost.
Argentine framework and European route, head to head
| Criterion | CNV Regime (Argentina) | European route (Spain) |
|---|---|---|
| Legal basis | RG CNV 1069/2025 and amendments | Ley 6/2023, RD 814/2023, MiFID II, Regulation (EU) 2017/1129 |
| Supervisor | CNV | CNMV |
| Framework term | Sandbox until 31-Dec-2027; closed issuances remain valid | Permanent, with no expiry date |
| Instruments | Debt, shares, negotiable obligations, CEDEARs, trusts, units of closed-end funds | Shares, bonds and units in Annex I of MiFID II |
| Investors reached | Argentine market | Entire EU, with prospectus passport or exemptions |
| Ownership registry | According to the resolution applicable to each instrument | ERIR authorized by the CNMV |
To compare Spain with other European jurisdictions, the reference is issuing a security token in Spain versus other jurisdictions.
Process from Argentina, step by step
- Define instrument and target investor. If both are local, first evaluate the CNV regime. If the investor is in Europe, continue with the Spanish route.
- Design the structure. The Spanish vehicle issues; the Argentine operation is linked through an intragroup loan, contribution of assets or another formula. Tax treatment in both countries must be reviewed by advisors in each jurisdiction.
- Incorporate the vehicle. Incorporation is managed largely remotely, with notarized powers of attorney apostilled from Argentina. Timelines depend on the notary, the registry and obtaining the NIF.
- Prepare the offering documentation. Prospectus before the CNMV or exemption documentation depending on the amount. What each case requires is explained in the guide to the CNMV prospectus.
- Engage the ERIR and execute. Registration of the issuance, onboarding investors with KYC and distribution of the tokens against the ownership register.
HokenFi is the technology platform that supports the issuance and lifecycle of the token. It is not an entity authorized by the CNMV nor registered with the Argentine CNV; the regulated circuit is covered by the ERIR and the advisors for each transaction. The full fit for issuers in the region is in tokenization for Latin American issuers.
Related: securitization versus tokenized issuance.
Do you issue from Argentina and are your investors in Europe? Take the issuance diagnostic (2 min) or request a proposal. If you prefer to start by reading, download the 2026 guide.
This content is informative and educational. It does not constitute legal, tax, or investment advice. Check the current version of each regulation in the BOE and on EUR-Lex.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
Frequently asked questions
Is it legal to tokenize securities in Argentina?
Yes. The CNV approved in 2025 a regime to represent securities on distributed registries (RG 1069/2025 and amendments). It works as a regulatory sandbox, extended until December 31, 2027, and allows debt, shares, negotiable obligations, CEDEARs, financial trusts and units of closed-end funds. Closed issuances within the sandbox remain valid even if the regime is not renewed.
Do I need to register as a PSAV to issue a security token in Argentina?
No. The PSAV registry under Ley 27.739 covers those who provide services on cryptoassets, such as exchanges and custodians. Issuing tokenized securities goes through the public offering regime and the CNV tokenization sandbox, not the PSAV registry. They are different frameworks, with supervisors from the same institution but different obligations.
Can an Argentine company issue security tokens under Spanish law without traveling to Spain?
Largely yes. The incorporation of the Spanish vehicle is managed remotely with apostilled notarized powers of attorney, and the issuance, registration with the ERIR and investor onboarding are digital processes. Some procedures depend on the practice of each notary and entity, so it is advisable to plan for document management from Argentina and variable administrative timelines.
