Argentina securities regulator approves Bitcoin futures index

CointelegraphDipublikasikan tanggal 2023-04-12Terakhir diperbarui pada 2023-04-12

Abstrak

A recent bill proposed by the Ministry of Economy encouraged citizens to declare their crypto holdings and incentivizes them with tax benefits.

The securities regulator of Argentina has approved a Bitcoin-based futures index set to debut on the Matba Rofex exchange. The Bitcoin futures contract will start trading in May and the exchange claimed it will be the first regulated Bitcoin futures in Latin America.
The National Commission Of Value (CNV), the country's securities regulator, approved the Bitcoin (BTC) futures index as part of a strategic innovation agenda. The innovation agenda launched in the first quarter of 2022 is focused on creating a space for public-private collaboration aimed at creating new and creative products in the capital market.
The Bitcoin futures contract will be based on the price of BTC provided by various entities in the nation offering BTC/ARS trading pairs. All trades will be settled in the national fiat currency and traders will be required to deposit Argentine pesos through bank transfer.
For the provision and use of the payment services in the nation, the exchange providing these contracts must make sure they have a valid contract with a Payment Services Provider (PSP) registered with the Central Bank of the Argentine Republic (BCRA).
The regulated Bitcoin futures index would offer qualified investors a safe way to gain Bitcoin exposure in a transparent and regulated environment. At the same time, the CNV has also asked Matba Rofex Exchange to incorporate alerts that warn investors of the risks associated with such financial instruments.
Argentina is currently struggling with high inflation and the nation has turned to Bitcoin for some solace. The country’s peer-to-peer Bitcoin trading volume has also touched new highs amid soaring inflation.

P2P Bitcoin Trading Volume. Source: CoinDance
A recent bill proposed by the Ministry of Economy encouraged citizens to declare their crypto holdings and incentivizes them with tax benefits. The South American nation has built a pro-crypto stance over the years and crypto adoption has nearly doubled compared to neighbouring countries.

The launch of the Bitcoin futures contract also comes within a week after Binance announced Argentina. Binance CEO Changpeng Zhao shared the news of the latest approval

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