A petition to launch Argentine peso-regulated Bitcoin futures and options has been submitted by Matba Rofex, Argentina’s largest futures market, to the National Securities Commission (CNV).
Matba Rofex is the most important market for futures and options in Argentina. They currently have a BTC MtR index expressed in Argentine pesos (ARS) calculated every 1 minute. They have also shown interest in direct investments from cryptoassets and startups.
This petition has just been disclosed to the public by members of Matba Rofex, but Deputy Managing Director of Financial Markets Ismael Caram further revealed that they had already applied for clearance last December, and said he understood that the permit would not come as fast as those given to other commodities since Bitcoin futures contracts are still uncharted territory for them.
The company would target “qualified and specialist investors” and companies knowledgeable about “the product and its volatility” instead of the market in general. They have expressed their intention to keep the market in general in mind, but the decision stems from the need to comply with Argentine safety regulators.
Although bitcoin futures and options are already offered by many international exchanges, none are officially regulated by official regulators or the Central Bank of Latin America.
The MP said during a call with Bloomberg:
We want to attract clients from the regulated market who cannot operate on unregulated exchanges, (…) We perceive an emerging but continuing demand from clients, who wish to increase their exposure to crypto assets.
CNV regulations would provide access to the Bitcoin futures and options market for institutional investors who otherwise face a lot of regulations when intending to place holdings on other available platforms around the world. . The company further explained to a local news portal:
Although the Bitcoin index cannot be traded today, Matba Rofex has presented draft futures and options on this index to CNV and hopes it can serve as a benchmark for other products in the capital market, such as mutual funds or ETFs. These are new products whose approval may be delayed. Matba Rofex’s initiatives also include direct investments in crypto assets and in startups related to this new industry,
Is Bitcoin Futures Regulation Possible?
In the overall Argentine cryptocurrency panorama, there is a lot of talk about whether Argentina could follow Salvador’s steps in adopting Bitcoin as a legal coin.
With a high rate of inflation and a system that does not make it easy for Argentines to sell and buy dollars at the best price in the market, many of them are embracing cryptocurrencies as a way to save and invest. .
Previously, the Argentine president had not been very clear on the government’s point of view when he said he believed adopting cryptocurrencies could help cope with hyperinflation, but acknowledged his poor knowledge on the subject. This event sparked much comment and speculation.
Related reading | Crypto Tug Of War: Argentina’s President and Central Bank Disagree
There is an ongoing discussion around a possible bill that aims to officially offer wages in Bitcoin and other digital coins as an alternative to official currency. The deputy José Luis Ramón declared that this project
was born out of the need to promote greater autonomy and governance of wages, without the implications of losing rights or being exposed to situations of abuse in the workplace.
Matba Roflex’s petition comes at a time when cryptocurrencies are of major interest to Argentina’s government and economists. However, general expectations for the upcoming acceptance of these regulations are low, as NVC has not been the most enthusiastic part about digital coins.
CNV spokespersons told the local news portal Infobae:
The NVC has held meetings with Rofex on this issue and has made it clear that while it will assess the product, it is not a priority on its agenda today, and it also depends on the opinion of other sectors of the State such as the Ministry of Economy and Central Bank of the Argentine Republic,
Related reading | Eurex, Europe’s main exchange, to launch Bitcoin ETN futures