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TL; DR
- Funds can invest in crypto assets.
- Securities can be implemented on the blockchain.
- Planning, not law.
- They are waiting for Milei’s signature, then Congress.
- Argentina leads Latin America in adoption.
- CNV rules are still required to be used.
Bill to ban the writing inside Federico Sturzenegger’s Ministry of Prohibition and Government Reform it would allow, for the first time, to explicitly allow Argentine mutual funds (fondos comunes de inversión, or FCI) to allocate part of their assets to crypto assets. The catch is in one word: draft. The statement has not been officially published, it is still awaiting the signature of President Javier Milei, and has not yet reached Congress.
Official sources declined to confirm the content while the statement was still being edited. At the time of publication, the bill existed only as a document of more than 144 pages, drawn up in 11 positions, which was not assigned a bill number, entered into the history of Congress, or released by the government, therefore no official text can be attached here. The information below is based on the information obtained and reported by the Argentine market, including Infobae and History of the Chronicle. The official version will be found in the records of Congress when the executive submits it.
What writing would allow
The financial chapter, which changes the law of mutual funds (Ley 24.083) and the regulation of capital markets, focuses on bringing customer technology to the market and expanding the capabilities of automated vehicles. As El Cronista reported, the document in its current state would:
- Allow FCI, open and closed, to invest part of their assets in real assets, as long as they are in line with the investment plan stated by each fund. This is illegal today.
- Create funds for “qualifying investors” that do not have the same type of investment restrictions used in investment-oriented funds.
- Accept negotiable securities, including shares, negotiable instruments and debt instruments, to be issued, held, transferred and sold using distribution technology.
- Recognize the legal validity of smart contracts and the promises and documents issued through them.
- Let the assets be as collateral, it is a way for the judge to order the confiscation of the crypto contract through the exchange after the default outside the consumer relationship.
- Establish that the client’s crypto, money and securities held by brokers are separate from those held by the intermediary, protecting them in the event of a borrower’s bankruptcy.
The document also asks Congress to declare a six-month emergency and grant legislative powers to officials, which the government used with Ley Bases.
Why Argentina is fertile ground for this
The idea has reached the country and the use of cryptocurrencies in the region. In its analysis of 2025 Latin America, blockchain-analytics firm Chainalysis placed Argentina second in the region by trade volume, about $93.9 billion between July 2024 and June 2025. Most of the transactions do not sell tokens but require stablecoins, which make up more than half of all purchases made in the Argentine peso during that period. In his own 2024 reportThe same firm put the stablecoin part of the stablecoin of the trading volume at about 61.8%, among the highest in Latin America.
The driver is financial, not technical. Constant inflation, currency controls and a peso that has lost much of its value against the dollar have led households to turn to stablecoins as a means of saving money. A law that allows managed funds to hold these assets would make millions of Argentines feel already out of luck.
How would it change who controls what
Planning to redistribute authority between the Central Bank (BCRA) and the National Securities Commission (CNV), with BCRA overseeing cryptocurrencies, tokenized assets and building the registry behind them. This would renew the plan that CNV has been developing since 2024.
On the floor Law 27,739The CNV became the authority to register and supervise the service providers of the type of PSAVs, a task it fulfilled General Resolution 1058/2025. The distinction is important: the CNV regulates issuers, not their assets, unless the real asset is a publicly traded security. The committee has already gone through tokenization General Resolution 1087/2025published in October 2025, as it stands public warning he still reminds investors that his powers are limited to subscribers. How the existing system can be divided by BCRA is one of the points that the government says is not settled.
Which has not been established yet
The two scrolls in the scrolling text have no original source. Estimated figures, including repeated market size estimates, are for analysis and media coverage and not official numbers. The proper coordination with the European Markets in Crypto-Assets (MiCA) does not appear in the official document attached to this bill.
Even what has been proven has limitations. The distribution of FCI crypto may depend on the rules that the CNV has not written yet, and will not open the door to buying crypto assets without limits. The help command can start the process, not finish it.
What can confirm this is becoming a law
The sign to look for is narrow: Milei signing words, which La Nación said it is still waitingand the government will submit it to Congress, which officials say could happen in a few weeks. Publication of a standardized version would replace current reports and answer open questions, including the classification of CNV and BCRA.
Contrary to this is the recent history of the government. A number of bills written by the ministry stalled due to lack of votes, and its property reform bill was also stalled in the Senate shortly before this bill was due to take place. Writing crypto-friendly changes in the registry is fast. Passage depends on a signature not forthcoming from Congress, which has already scaled back similar efforts.
