Marval acted as legal counsel to Ripio**, a preeminent company in the cryptocurrency and blockchain solutions sector in Latin America, in a pioneering transaction that represents a landmark development for the Argentine capital markets: the tokenization of the national public security AL30, the financial instrument with the highest trading volume on the domestic stock exchange.
The tokenization process, which resulted in the issuance of the digital asset wAL30rd, was carried out under the novel regulatory framework established through General Resolution 1081 of the Argentine Securities Commission. This framework authorizes the digital representation of negotiable securities by using distributed ledger technology (i.e., blockchain technology).
It is important to emphasize that the wAL30rd token is not an independent negotiable security, nor does it alter the underlying tokenized instrument, which continues to be held in the traditional manner. Rather, the wAL30rd token represents an innovative alternative designed to provide access to this traditional instrument for Ripio’s clientele, with Ripio operating as a Virtual Assets Service Provider (VASP).
This transaction constitutes a significant milestone in the modernization of the Argentine financial system, by integrating the reliability of traditional financial instruments with the efficiency and scalability afforded by distributed ledger technologies. Such initiatives foster enhanced liquidity, diversify investment mechanisms, and broaden access to capital markets, particularly for emerging investor profiles more familiar with virtual assets than conventional instruments such as the AL30.
Through this transaction, Argentina establishes itself as a regional frontrunner in financial innovation, underscoring the transformative potential of harmonizing regulation, technology, and market dynamics.
Marval’s team was led by partner Juan M. Diehl Moreno and senior Associate Pedro Colaneri. Ripio’s in-house legal advisors were Alejandro Rothamel, Lucrecia Fernández Caride, Santiago Franzini, and Florencia Vilagines.
*This article is promotional material and should not be construed by third parties as an analysis of the digital representation of any national, provincial, or municipal public securities, nor of any other negotiable securities, whether or not encompassed by the regime established by CNV Resolution 1081/2025 and/or any other regulations that may be enacted in the future concerning the digital representation of negotiable securities, virtual assets, the activities of Virtual Asset Service Providers registered with the CNV, or any other matters related to financial markets.
**Moonbird SRL (Ripio) is duly registered as a Virtual Asset Service Provider (PSAV) with the CNV pursuant to Resolutions 994/2024 and 1058/2025 (Registry No. 36). Moonbird SRL is not authorized to engage in the public offering of negotiable securities, and its activities are limited to those permitted to VASPs.