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Bitcoin has made its presence known in Argentina's government agencies, pushing them to adapt to the regulatory challenges posed by new financial technologies. In a statement issued on Tuesday, April 11, the National Securities Commission (CNV), responsible for regulating negotiable securities, indicated that its objective is to adapt to the new regulatory challenges posed by emerging technologies in the field of financial products, as well as to stimulate the development of innovative products by regulated agents in the capital markets.

As part of its strategic agenda for innovation, the CNV has approved regulations for futures contracts on the Bitcoin Index Matba Rofex, which will be traded and settled in Argentine pesos and will not include delivery of the underlying asset. The composition of the index will be based on Bitcoin price information provided by various price providers and entities that facilitate the BTC/ARS pair with Argentine peso deposits through bank transfer.

Qualified investors will be able to safely and transparently acquire exposure to Bitcoin price variations through derivative products traded on regulated market infrastructures, according to the CNV. Matba Rofex S.A. is also required to include warnings about the risks associated with these operations and to incorporate alerts for investors about the possible contingencies in the formation of the instrument.

It is important to note that the CNV does not have jurisdiction or exercise any supervision or control over these providers, but Matba Rofex S.A. must establish as a condition of eligibility that they have a valid contract with a Payment Services Provider (PSP) registered with the Central Bank of the Argentine Republic (BCRA) for the provision and use of payment services in the country.

This initiative is a achievement of the CNV's Innovation Hub, a public-private collaboration space to promote exchange with regulated companies and entities with financial technology projects in the capital markets. For Argentine investors, the approval of Bitcoin index futures contracts is a significant development, allowing them to invest in this emerging asset class through a regulated and secure market infrastructure.