Name
Global FinTech Guide
Country _ Name
Argentina
SectionTitle
ICO/token sale
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Companies and projects have increasingly relied on the sale of digital assets, or tokens, as a means of fundraising. These tokens generally do not grant the holders an ownership interest in the issuing company or project, but may provide governance rights, access rights or other utility. This has been conducted through public sales known as initial coin offerings (ICOs), proliferation through token generation events (TGEs) or private sales, among other mechanisms.  While showing characteristics of traditional methods of fundraising, there are a range of unanswered questions related to the legal classifications of such products. As ICOs and TGEs will usually be distributed online and internationally, there is usually no single legal framework applying to such transaction, and the legal framework of each market in which the tokens may be offered or sold needs to be considered.

Introduction

Attitude of the country towards ICOs/token sales

Argentina has recently established a legal framework that indirectly governs ICOs and token sales through broad regulation of Virtual Asset Service Providers (VASPs). In March 2024, Argentina enacted Law 27,739, which for the first time brought VASPs into the regulated financial system. This law designated the National Securities Commission (Comisión Nacional de Valores, CNV) as the chief regulator for crypto service providers and obliged these entities to follow anti-money laundering (AML) and know-your-customer (KYC) rules in line with FATF standards. Pursuant to the law, the CNV issued General Resolution 994/2024, creating a mandatory registry for all VASPs operating in or targeting Argentina. In early 2025, the CNV approved General Resolution 1058/2025, which established a comprehensive regulatory regime for VASPs – including defining categories of services, minimum capital requirements, custody/security standards, and reporting obligations. Under this framework, any individual or company engaging in crypto-related activities (exchange, transfer, custody, etc.) must register as a VASP before operating in Argentina. Importantly, one of the covered categories is “participation in or provision of financial services related to the offer and/or sale of virtual assets,” which squarely brings token issuers and ICO promoters into the VASP regime. In short, although Argentina hasn ’t passed a bespoke “ICO law,” token sales are now addressed via this broader VASP licensing scheme, aimed primarily at AML oversight and user protection.



Legal affairs

Presence of any explicit regulation on ICOs and the issuance of token/coins

With the CNV now overseeing crypto service providers, any public token offering or promotion directed at Argentine investors falls under regulatory scrutiny. Domestic and foreign companies alike must register with the CNV if they meet certain criteria – for example, using an “ .ar” website domain, targeting marketing to Argentine residents
, or facilitating fund transfers from Argentina. This means that an ICO team cannot simply advertise or sell tokens in Argentina without CNV registration. The CNV has been empowered to supervise compliance and enforce the rules: operating a crypto offering without registration can lead to sanctions, including fines, license revocations, and even court orders to block access to unregistered crypto websites or social media pages. The new regulations also mandate transparency in token sales. Registered VASPs must publish clear disclosures about any tokens they offer, including making a “white paper” or similar informative document available in Spanish or English with key details about the issuer and project. Additionally, platforms must post risk warnings to users – explicitly notifying that crypto assets carry risks and are not covered by Argentina ’s capital markets investor protections (unless the asset is considered a security). These measures indicate that, while ICOs are not outright prohibited, the CNV closely monitors any public offering or solicitation related to crypto. The emphasis is on ensuring truthful marketing, cybersecurity safeguards, and that investors are warned of speculative risks.

Presence of any explicit restrictions on ICOs or the issuance, distribution and/or transfer of token/coins

Argentina ’s regulator now treats token sales with a degree of the oversight traditionally applied to securities offerings – requiring registration and responsible conduct – even though most tokens are not legally classified as securities by default. Notably, the CNV itself clarified that it regulates the providers (VASPs) rather than the virtual assets directly, except in cases where a cryptoasset qualifies as a publicly offered negotiable security, which would bring it fully under capital markets law 26,831. Thus, if an ICO ’s tokens resemble an investment in a security (eg. giving profit rights or resembling shares), the CNV could deem it a public securities offering subject to the usual prospectus and approval requirements. For all other token sales, the CNV ’s VASP rules still apply to any entity facilitating the sale or marketing in Argentina.

Obligations and requirements to issue token/coins

Registration Process: Registration is done online with the CNV and initially required providing basic legal and commercial information. Under the 2025 framework, more extensive documentation must be submitted, ensuring the CNV has information on ownership, corporate form, compliance policies, systems security, etc.. The CNV has made clear that being on the VASP Registry is not an operational license or seal of approval – registrants must post a disclaimer on their website and materials stating that CNV registration is for oversight only and does not imply CNV supervision or authorization of their activities.
Financial Requirements: Registered token issuers/VASPs must meet minimum capital (net worth) thresholds
. Firms have to maintain net assets above certain amounts, certified by an independent accountant. The required net worth varies by the type of services provided (there are five categories of VASP activities). In general, minimum capital levels range from roughly USD 85,000 up to USD 170,000 depending on the category. (For example, an exchange or custody provider might have a higher requirement than a small-scale exchange intermediary.) If a VASP ’s trading volumes are very low (below defined thresholds), the regulations allow a 50% reduction in the required net worth. VASPs will need to periodically prove their capital compliance (e.g. via audited financial statements and semi-annual accountant certifications filed with CNV).


Classification of token/coins in the jurisdiction

Non-Security Tokens (Utility/Payment Tokens): Most cryptocurrencies, utility tokens, or payment tokens are treated as “virtual assets” rather than regulated securities in Argentina. They are legal to issue and use (Argentina does not ban crypto). However, if you issue or sell such tokens to the public, you and any platform involved likely qualify as VASPs and must comply with the VASP regulations above (registration, AML, etc.). The CNV ’s authority generally extends to the activities of providers (exchanges, custodians, token issuers offering tokens, etc.), not to the assets themselves. In other words, a pure utility token or cryptocurrency can be issued without needing CNV approval of the token so long as it is not a “negotiable security.” Instead, the focus is on regulating the service providers and preventing money laundering, ensuring cybersecurity, and protecting users of those tokens.
Tokens as “Negotiable Securities”: If a token has characteristics of a security ( “valor negociable”), it falls under Argentina ’s Capital Markets Law No. 26,831 and CNV ’s capital markets regulations. Law 26,831 provides a broad definition of securities, including any homogeneous and fungible assets that can be traded in financial markets, and explicitly covers investment contracts meeting the Howey test criteria. Thus, a token that represents a share in a venture, a debt instrument, a right to profits, or any scheme where investors contribute money with an expectation of profit from others ’ efforts is likely to be deemed a negotiable security in Argentina. Crypto tokens are not automatically considered securities, but a case-by-case analysis is applied. In practice, security tokens (e.g. tokenized stocks, revenue-sharing tokens, etc.) or certain ICO tokens designed as investments would trigger this classification.


Presence of a duty to publish a prospectus bevor offering token/coins to investors

Consequences of Security Status: Any public offering of a token that qualifies as a security requires prior CNV clearance
just like a share or bond offering. The issuer would need to prepare and file a prospectus or offering memorandum and obtain CNV authorization for public offering of the token. Securities can only be publicly offered by the issuer itself or through licensed market intermediaries authorized by the CNV. In short, the token must be registered with the CNV as a security, and the offering must adhere to capital markets rules (disclosure, investor protection, etc.). If the CNV determines an ongoing token sale is an unregistered security offering, it can order the issuer to cease and desist until compliance (e.g. until the token is registered and the issuer obtains the necessary CNV license to offer securities).
Notably, CNV Resolution 1058/2025 itself reiterates that VASPs must not conduct a public offering of tokens that are securities without CNV approval. However, the regulation does not provide a bright-line test for when a token is a security, so issuers should err on the side of compliance with securities laws if there is any investment aspect. In cases of doubt, obtaining legal advice and possibly seeking CNV ’s view is prudent before launching a token in Argentina.



Presence of AML/KYC requirements that are needed to be fulfilled regarding (i) the initial issuance of token/coins and (ii) any following transfer of token/coins to third parties

Under Law 27,739, VASPs in Argentina are classified as obligated entities for AML/CFT. They must implement Know-Your-Customer (KYC) procedures, monitor transactions, keep records, and report suspicious or large transactions to the authorities. The UIF ’s Resolution 49/2024 requires all registered VASPs to also register with the UIF and comply with AML regulations similar to banks and financial institutions. At a minimum, token issuers and exchanges must verify customers ’ identities, monitor for unusual activity, and maintain risk management systems to prevent money laundering and terrorist financing. The AML regime also entails appointing an internal compliance officer and staff training on AML duties.


Additional comments regarding (i) the legal situation for ICOs/token/coins and (ii) any following transfer of token/coins to third parties

The 2025 regulations also impose operational controls to ensure integrity and security in token operations. VASPs are required to maintain robust information security and cybersecurity programs. For instance, CNV Resolution 1058/2025 mandates that VASPs:

  1. Undergo annual independent audits of their IT systems and cyber defenses, with results reported to the board and the CNV.
  2. Implement continuous cybersecurity risk management procedures (to prevent, monitor, and respond to cyber threats or hacks).
  3. Adopt formal information security policies approved by senior management, aligning with international standards and best practices.
  4. Allow the CNV regulatory access to certain systems information (ensuring transparency of system architecture and data integrity measures).

Economic conditions

Market size for ICOs/token sales and existence of any previous regulated ICO/token sales in the jurisdiction

As of mid-2025, Argentina has 163 Virtual Asset Service Providers (VASPs) registered with the CNV—151 legal entities and 12 individuals—under General Resolution No. 994/2024, reflecting the country ’s expanding ecosystem of crypto service providers. While Argentina has not seen any domestically regulated ICOs or token sales under its new VASP framework, the CNV ’s registry explicitly covers VASPs that “participate in or provide financial services related to the offer and/or sale of virtual assets”, meaning any local token issuance would fall under these rules.



Additional comments regarding the economic situation for ICOs/token sales or what companies must be aware of in this business area

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