In a recent development, Argentina launched its first-ever Bitcoin index-based future contract on Thursday, providing a regulated opportunity for eligible investors to participate in the cryptocurrency market.
The contract utilizes a Bitcoin index developed by Matba Rofex, the Argentinian stock exchange. Matba Rofex released detailed guidelines and trading instructions for the contract in an official statement issued on the same day.
In April, the National Securities Commission (CNV) of Argentina approved the introduction of the contract with the aim of promoting the growth of innovative products within regulated entities operating in the capital market. This approval marks the CNV’s first endorsement of a cryptocurrency-related product.
Initially, the products will be available for trading exclusively among qualified investors as defined by the CNV. intermediaries involved in the trading process will be responsible for ensuring compliance with this requirement.
At the beginning, the Bitcoin futures contract will only be accessible to investors who meet the qualification requirements set by the CNV. This means that the intervening agents will have the responsibility of verifying the eligibility of investors.
The index used for the contract will be based on data obtained from different price providers, reflecting the price of Bitcoin. These providers facilitate the BTC/ARS pair, enabling the exchange of Argentine pesos for Bitcoin through bank transfers.
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