Argentina’s securities regulator, the Comision Nacional de Valores (CNV), has approved the regulation of Bitcoin futures contracts. These contracts will enable investors to gain exposure to Bitcoin’s price without having to own the underlying asset using the Matba Rofex exchange. Investors will make deposits in Argentine pesos through bank transfers.
Matba Rofex S.A., owners of the Matba Rofex exchange, is required to ensure that they have a valid contract with a Payment Services Provider (PSP) that is registered with the Central Bank of the Argentine Republic (BCRA).
To ensure that investors understand the risks associated with these products, Matba Rofex S.A. will incorporate alerts that warn investors about the risks associated with these operations and possible contingencies in the formation of the instrument.
This initiative is part of the Innovation Hub launched by the CNV a year ago, which is a public-private collaboration space designed to promote exchanges with regulated companies and entities with technology projects for financial products and services in the capital market.
Argentina and crypto
Argentina is a country in South America that has been experiencing a lot of economic turmoil in recent years. Due to high inflation and currency devaluation, many Argentines have turned to alternative forms of currency, including cryptocurrencies like Bitcoin, as a way to protect their wealth.
As a result, the use and adoption of cryptocurrencies in Argentina have been on the rise, with some businesses even accepting Bitcoin as a form of payment. However, the government has also been cracking down on crypto in recent years, with new regulations and restrictions on its use and trading.
In January 2023, the Ministry of Economy, Argentina, drafted a bill to encourage Argentines to declare their cryptocurrency holdings, using discounted tax rates to combat money laundering. The bill required crypto holders to produce an affidavit identifying their holdings to the government.
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