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TL;DR
- Funds can invest in crypto assets.
- Securities can be tokenized on the blockchain.
- It is still a project, not yet a law.
- Waiting for Miley’s signature and then Congress.
- Argentina leads Latin America in adoptions.
- CNV rules still need to be applied.
Draft deregulation bill written in Federico Sturzenegger Ministry of Liberation and State Transformation It would, for the first time, explicitly allow Argentine investment funds (fondos comunes de inversión, or FCI) to allocate a portion of their investment portfolios to cryptocurrency assets. The catch lies in one word: project. The text has not been officially published, is still awaiting the signature of President Javier Miley, and has not reached Congress.
Government sources refused to confirm the contents while the text is still being modified. As of publication date, the bill only exists as a draft of more than 144 pages, divided into 11 titles, and the bill has not been assigned a number, entered into the public record of Congress, or issued by the government, so there is no official text to link to it yet. The provisions below are derived from that draft as obtained and reported by Argentine media, including: information and Historian. The official version will become available in the Congressional Record once the executive branch formally submits it.
What the project will allow
The financial chapters, which amend the Mutual Funds Law (Ley 24.083) and the Capital Markets Regulation, focus on bringing DLT to the market and expanding what regulated vehicles can be held. As reported by El Cronista, the draft in its current form will:
- Allow FCIs, both open and closed, to invest a portion of their investment portfolios in virtual assets, provided that this is consistent with the stated investment policy of each fund. This is expressly not allowed today.
- Establishing funds for “qualified investors” who are exempt from the standard diversification limits applied to retail funds.
- Allow tradable securities, including shares, tradable liabilities and debt instruments, to be issued, stored, transferred and traded using distributed ledger technology.
- Recognizing the legal validity of smart contracts and the pledges and memorandums executed through them.
- Allowing virtual assets to act as collateral, with a mechanism for a judge to order the confiscation of cryptocurrencies pledged through the exchange after default outside of the consumer relationship.
- Ensure that client cryptocurrencies, funds and securities held by brokers remain separate from the broker’s property, protecting them in the event of the broker’s bankruptcy.
The bill also asks Congress to declare a state of administrative emergency for six months and delegate legislative powers to the executive branch, the same structure the government used with the Lye Rules.
Why is Argentina considered fertile ground for this?
The proposal reaches the country with the deepest grassroots use of cryptocurrencies in the region. In its analysis of Latin America for 2025, blockchain analytics firm String analysis Argentina ranked second in the region in terms of transaction volume, at about $93.9 billion between July 2024 and June 2025. Most of this activity is not trading in volatile tokens, but rather in demand for dollar-pegged stablecoins, which accounted for more than half of all exchange purchases made in Argentine pesos during that period. In it 2024 reportThe same company has put Argentina’s stablecoin share of transaction volume at near 61.8%, among the highest in Latin America.
This is driven by macroeconomics, not technology. Persistent inflation, currency restrictions and the peso losing most of its value against the dollar have pushed households towards stablecoins as a way to retain value. A law allowing regulated funds to hold these assets would formalize exposure that millions of Argentines already hold informally.
How will who regulates what change?
The draft will redistribute power between the central bank (BCRA) and the National Securities Commission (CNV), with the BCRA overseeing cryptocurrencies, token assets and the registration infrastructure behind them. This would reshape the framework that CNV has been building since 2024.
under Law 27739CNV became the authority that registers and supervises Virtual Asset Service Providers (PSAVs), a role it carried out through General Resolution 1058/2025. The distinction is important: the CNV regulates service providers, not the assets themselves, unless the virtual asset is a publicly offered security. The committee has also already moved to coding through General Resolution 1087/2025published in October 2025, and its status General warning It still reminds investors that its authority reaches registered providers only. How this current structure will be divided with the BCRA is among the points the government says remains unresolved.
What has not yet been established
There are two claims circulating alongside the draft that lack any primary source. Projected flow figures, including widely repeated market size estimates, are analyst and media forecasts and are not official figures. The proposed alignment with the European Markets for Cryptoassets (MiCA) framework does not appear in any official document associated with this draft law.
Even certain rulings carry a limit. The FCI’s allocation of cryptocurrencies will be based on rules that CNV has not yet written, and will not open the door to unrestricted purchase of any crypto assets. An enabling law would start the process, not end it.
What would confirm this became law
The signal to watch is narrow: Miley predicts the text, which La Nacion newspaper reported that she was still waitingThe government will formally submit it to Congress, which officials say could happen within weeks. Publication of the official version would replace today’s draft-based reports and settle open questions, including the split between CNV and BCRA.
In contrast to this is the government’s recent record. Several bills prepared by this ministry have stalled due to a lack of votes, and the property and land reform package was postponed again in the Senate shortly before this bill appeared. Writing a proper coding fix in a draft is quick. Its passage depends on a signature that has yet to come and a Congress that has already slowed similar efforts.
