The National Securities Commission (CNV) approved on Wednesday the General Resolution No. 1069which establishes the first Regulatory regime for real world asset token (Real World Assets) In Argentina. The regulations arose after the public consultation launched in April through RG No. 1060 and constitutes an unprecedented advance in the framework of capital market modernization.
This first stage of the regime is aimed at Tokenization of financial trust and common investment funds with public offerwhose underlying assets are not negotiable values with contribution in enabled markets, but physical goods or other admissible assets.
The initiative is registered within the provisions of the Law No. 27,739 and officially recognize the Digital representation of negotiable securities through distributed registration technologies (TRD) —As Blockchain – as a valid and additional form compared to the traditional ones (cardboard or scriptural).
“We sanction a pioneering and innovative regulation for Argentina,” he said Roberto E. Silvapresident of the CNV. “It is a fundamental step that puts the country again in the regional and global avant -garde.” Silva also noted that many of the contributions received during the public consultation were incorporated into this first resolution and anticipated a second normative phase in the process of elaboration.
How will tokenization work?
The new regime establishes that digital values representations They can be negotiated in registered PSAV platforms or apps before the CNV. The instruments must be previously issued in a traditional way and deposited before a Central Depositary Agent of Negotiable Securities (ADCVN)although its price in secondary markets will not be necessary.
Tokens will be generated by entities specialized in blockchain technologies – registered or not as PSAV – while PSAV intervening will be responsible for their commercialization, administration, custody and digital environment.
In addition, it is guaranteed that Investors can request at any time the conversion of digital representation to a traditional way.
The regime will be implemented under a regulatory sandbox for the term of one yearduring which emissions can be made under this new scheme. After this period, new emissions will not be admitted, although those already made will retain their validity. In the event that an approved issuance is not digitally represented within two years, it will be automatically excluded from the regime.
A step towards financial modernization
The CNV stressed that this regulation seeks that digital instruments comply with the principles of security, traceability, verifiability, transferability, immutability and functional equivalence Regarding its traditional forms. With this initiative, Argentina joins the set of countries that adopt Blockchain technology in regulated environmentsoffering a reliable framework to innovate in the financing of real assets.
“This month work positions us as referents in this topic globally,” Silva concluded. The regulations represent A milestone in the development of the Argentine capital market And it opens new possibilities for institutional and private investors to access financial products supported by real goods, with the agility and efficiency that emerging technologies allow.
Source: Ambito
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