The CNV launched a pilot regime that will allow companies to issue and negotiate values in digital format, in parallel with the traditional card version.
The National Securities Commission (CNV) will launch, as of this Thursday, a regime that will allow the tokenization of valuesincluding emissions of Actions, negotiable obligations and yields.
By dictating the GENERAL RESOLUTION (RG) N ° 1,081the agency advanced in the digitalization process of the Argentine capital market. The mechanism provides that, when a company will issue a market value, A part of this can be done through a token. It will not be two different titles, but the same instrument: one in its traditional card version and another in its digital expression. An emission could be made, for example, in 80% under the usual modality and in 20% in tokens.
In the same way that a sender must register before a market and comply with the regulations of the regulator, in this scheme the Virtual Assets Services Suppliers (PSAV) They will officiate as markets where they will quote those species.
Until now, a scheme was in force that allowed the tokenize the trustees. With RG 1081 the spectrum of negotiable values is expanded, incorporating Actions (including double list), negotiable obligations and yields.
Digital representations of admitted negotiable values They may be negotiated on PSAV mobile platforms or applications registered in all registration categories. Its terms and conditions must be recorded in an issue document prepared by the issuer, after the application for digital representation, which may be made in one or more sections.
When the digital representation is carried out on values already issued and in circulation in authorized markets, the issuer must only request from the CNV the specific authorization for its tokenization, without implying a new authorization of the public offer, the previously granted the previously granted.
Tokenization of shares, Ons and Cedears: how they should register
Negotiable values in digital format must be registered in the name of a registration holder, which may be one or more PSAV, or authorized agents of administration or custody of collective investment products, or comprehensive settlement and compensation. These will act as Holders of Record of the titles deposited in the ADCVN (central depositary agent of negotiable securities, in charge of custody and registration of titles in Argentina)which will then be digitally represented by a specialized entity in distributed registration technologies (TRD).
This regulation makes the PSAV central actors of the regime, since in their platforms and applications they will be signed, negotiated and guarded digital values. Tokenization may be in charge of an entity specialized in TRD or similar technologies, recorded or not as PSAV.
The regime will be valid As a test until August 21, 2026. From the CNV they hope to evaluate the operation of this new market to define the steps to follow in the future. The tokenization of assets, in addition, will allow Facilitate operation from abroad and on times outside the traditional markets.
Source: Ambito
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