Argentina -- Securities Classification Regulatory Overview

Argentina's National Securities Commission (CNV) does not have a publicly detailed, crypto-specific legal test equivalent to the Howey test for classifying cryptocurrency tokens as securities, based on available regulatory guidance; instead, it regulates Virtual Asset Service Providers (VASPs or PASVs) under Law 27,739 (enacted 2024) and recognizes "virtual assets" broadly without explicit token-by-token security classification in the provided sources.[5] Security tokens are noted as potentially akin to traditional marketable securities subject to personal property tax, while non-stablecoin cryptocurrencies may be treated as intangible assets.[6]

Tokens Considered Securities

• No comprehensive list or test is specified in recent resolutions like CNV General Resolution 1125/2026, which defines virtual assets as "any digital representation of value that can be traded and/or transferred digitally and used for payments or investments," encompassing cryptocurrencies, tokenized assets, and stablecoins—but this is for qualified investor net worth calculations, not security classification.[1][2][3][4]
• Security tokens may qualify as securities similar to other marketable instruments.[6]
• General references suggest ICO tokens could be securities if they meet the definition of "standardised certificated or..." (incomplete in sources), requiring authorization for trading.[9]

Registration/Exemption Requirements for Token Issuers

• VASPs (including those dealing in tokens) must register with the CNV under Law 27,739 to operate legally, with requirements including operational structure details, KYC/AML compliance (e.g., identifying officers), cybersecurity certification, and CNV AML/CFT review; unregistered VASPs cannot operate.[5]
• No specific exemptions or issuer registration for tokens-as-securities are detailed; crypto licensing types remain underdeveloped.[7]

Secondary Trading Rules

• No explicit rules on secondary trading of tokens classified as securities appear in sources; a 2022 Central Bank ban persists on banks offering crypto services, though internal blockchain testing occurs and easing is anticipated.[1][3][4]
• Trading VASPs must be CNV-registered per Law 27,739.[5]

Enforcement Examples

• No specific enforcement cases against token issuers or secondary trading are cited in available results.

Specific Legislation and Regulatory Guidance

• Law 27,739 (2024): Integrates VASPs into AML/KYC framework; registration with CNV required.[5]
• CNV General Resolution 1125/2026: Recognizes virtual assets in qualified investor thresholds (no security classification).[1][2][3][4]
• Sources lack direct URLs to primary CNV texts or full guidance; refer to CNV official site (not provided) for resolutions. AFIP Ruling 2/2022 taxes crypto as assets.[6]