Matba Rofex, Argentina’s largest futures market, has filed a petition with the National Securities Commission to introduce regulated Bitcoin futures and options in pesos (CNV).
Matba Rofex is Argentina‘s most important futures and options market. They presently feature a BTC MtR index calculated every minute in Argentinian Pesos (ARS). They’ve also shown an interest in investing directly in crypto-assets and companies.
The members of Matba Rofex only recently made this petition public, but the deputy general manager of financial markets, Ismael Caram, revealed that they had already requested the authorization in December and that they understand the permit will take longer than for other products because Bitcoin futures are still uncharted territory for them.
Instead of the general market, the corporation would target “qualified and specialized investors” as well as well-informed corporates about “the product and its volatility.” They stated that they will keep the broader market in mind, but that their choice is based on the necessity to comply with Argentina’s security authorities.
Although numerous foreign exchanges currently offer bitcoin futures and options, none are legally licensed by Latin American regulators or central banks.
On a conversation with Bloomberg, the deputy said:
We want to attract those clients from the regulated market that cannot operate on unregulated exchanges, (…) We perceive an incipient but continuous demand from clients, who want to add exposure in crypto assets.
The CNV’s laws would provide institutional investors access to the Bitcoin futures and options market, which would otherwise be subject to a slew of regulations if they wanted to invest in any of the other platforms accessible throughout the world. To a local news outlet, the business went on to say:
Although the Bitcoin Index cannot be traded today, Matba Rofex has presented a Futures and Options project on this index to the CNV and hopes that it can be a reference for other capital market products, such as Common Investment Funds or ETF. These are novel products whose approval may be delayed. Matba Rofex’s initiatives also include direct investment in crypto assets and in startups related to this new industry,
Is The Bitcoin Futures Regulation Possible?
There is a lot of speculation in the Argentinian cryptocurrency community on whether Argentina would follow Salvador’s lead and recognize Bitcoin as a legal tender.
With rising inflation and a system that makes it difficult for Argentinians to sell and buy dollars at a better price on the market, many are turning to cryptocurrencies as a means of saving and investing.
Earlier, Argentina’s president was a little hazy about the government’s position when he said that adopting cryptocurrencies may assist cope with hyperinflation, but he later acknowledged his lack of expertise on the matter. This occurrence has sparked a lot of discussion and debate.
A measure is now being debated that would make it legal to pay workers in Bitcoin and other digital coins as an alternative to official cash. This initiative, according to the representative José Luis Ramón,
is born from the need of promoting a larger autonomy and governance of the salary, without the implications of losing rights or being exposed to abuse-related situations in the work place.
Matba Roflex’s appeal comes at a time when the Argentinian government and economists are both interested in cryptocurrency. However, because the CNV has not been the most enthusiastic party regarding digital currency, widespread hopes for these measures to be approved soon are modest.
CNV spokespeople told Infobae, a local news portal, that:
The CNV has held meetings with Rofex on this issue, and has made it clear that although it will evaluate the product, today it is not a priority on its agenda, and it also depends on the opinion of other areas of the state such as the Ministry of Economy and the Central Bank of the Argentine Republic,