In brief
On 13 June 2025, the National Securities and Exchanges Commission issued General Resolution No. 1069/2025, which introduces the first regulatory framework applicable to the tokenization of real-world assets.
In focus
- It defines tokenization as the digital representation of securities by means of distributed ledger technologies (DLTs) or other similar technologies without implying the creation of a new security.
- It allows the tokenization of: (a) debt securities or certificates of participation of publicly traded financial trusts; and (b) units of publicly traded closed-end mutual funds, whose underlying assets are real-world assets or other eligible assets that are not securities listed in authorized markets.
- It establishes that digital representations will be managed by entities specialized in DLTs, and that registered virtual asset services providers will be the only ones authorized to commercialize, keep in custody and manage digital representations, as well as guarantee asset segregation and investor protection.
- It determines that the public offering of tokenized securities is considered a single act together with traditional public offerings, without requiring double authorization.
- It indicates that the tokenization regime is initially implemented under a controlled test environment (regulatory sandbox) for a period of one year from its entry into force. The purpose of this period is to evaluate the impact, operation and risks of the new scheme in a limited and supervised environment, which may be extended if so determined by the National Securities and Exchanges Commission
Resolution No. 1069/2025 became effective on 13 June 2025.
Click here to read the Spanish version.
