Argentina’s CVM releases bitcoin futures contracts

Argentina’s CVM, Comisión Nacional de Valores (CNV), has approved the country’s first regulated bitcoin futures contract, making it the first in South America to be cleared in a state.

The authorization refers to the regulation of Bitcoin Matba Rofex Index futures contracts, with trading and settlement in Argentine pesos and with no delivery of the underlying asset.

In a note, the CNV points out that the release of the product is linked to the country’s strategic agenda. In addition, the new measure adopted by resolution aims to adapt the country to the new regulatory challenges imposed by new technologies for financial products.

With the arrival of the product on the market, the Bolsa de Futuros from Argentina, which has been looking for a list of Bitcoin products since 2021, finally manages to introduce a novelty to the sector.

Understand how Argentina’s first bitcoin futures contract will work

In addition to stimulating the development of new and innovative products by its regulated capital market subjects, CNV hopes to continue to innovate.

The formation of said index will be based on information about the price of Bitcoin provided by various price providers, entities that facilitate the operation of the BTC/ARS pair, with deposits of Argentine pesos via wire transfer.

Under investigation live coins, it is clear that the Matba Rofex Bitcoin Index has Bitso, CryptoMKT and Decrypto as its benchmark. In addition, it also searches for information about the companies Argenbtc, Buenbit, fiwind, Let’sBIT, Ripio, SatoshiTango and Settle.

It is worth remembering that these are private companies, with no affiliation to the CNV, that have authorized the product of bitcoin futures contracts linked to the index.

However, the government agency requires Matba Rofex SA to have a contract with the Central Bank of Argentina (BCRA), authorized as a Payment Service Provider.

Public-private partnership enabled the launch of innovation

In Brazil, the CVM has closed the doors to some innovations with cryptocurrencies and is causing revolt among tokenizers, for example, who accuse the autarchy of not talking to companies.

However, the approval of the new product of bitcoin futures contracts by CNV in Argentina went through a year of public-private discussions. In other words, through an innovation hub, the market and government agents reached a consensus on the new product.

Going forward, the exchange responsible for monitoring the derivative should support qualified investors, who can finally expose themselves to bitcoin price fluctuations on the regulated market.

In addition, it must maintain alerts aimed at the investing public about risks of operations and potential problems with the instrument.

Source: Live Coins

follow:
\