The CNV authorized the regulation of futures contracts on the Bitcoin index and established that its renegotiation and settlement will be in pesos, without delivery of the underlying.
This Tuesday, the National Securities Commission (CNV) authorized the regulation of futures contracts on the Bitcoin Index, with negotiation and settlement in Argentine pesos and without delivery of the underlying asset. And, as detailed by the stock market regulator, the formation of said index will be made based on information on the price of Bitcoin (BTC) provided by different providers and entities that facilitate the operation of the BTC/ARS pair, with deposit of Argentine pesos through wire transfer.
It was reported that the initiative is an achievement of the Innovation Hub released a year ago by NVC and “intends to adapt to the regulatory challenges imposed by the new technologies for the provision of financial products and encourage the development of novel and innovative products by its regulated subjects in the capital market”.
Investor Protection Measures
The agency recalled that it does not have competence nor does it exercise any supervision or control over the price providers of BTC. However, it requires Matba Rofex SA establish as a condition of eligibility that they have a valid contract with a Payment Service Provider (PSP)registered with the Central Bank of the Argentine Republic (BCRA) for the provision and use of its payment services in the country.
In this way, it seeks that qualified investors can acquire exposure to price variations of the BTC safely and transparently through derivative products traded under regulated market infrastructures.
Likewise, along the same lines and given the nature of the underlying asset, which is usually unstable, it was established that Matba Rofex SA alerts intended for the investing public should be included in this type of contract, warning them about the risks associated with this operation and possible contingencies in the formation of said instrument.
Source: Ambito
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