National Securities Commission Approves Regulation for the Issuance of Bitcoin-Based Futures Contracts

On 11 April 2023, the National Securities Commission (“CNV”) authorized the regulation of futures contracts on the Bitcoin Matba Rofex Bitcoin Index (the “Index”), with trading and settlement in Argentine pesos and without delivery of the underlying asset.

Matba Rofex S.A. is one of the markets authorized by the CNV to trade securities. The Index acts as a financial indicator that reflects the market price for a given amount of bitcoin, in Argentine pesos, at the Argentine Price Providers.

The CNV has no jurisdiction or oversight over Price Providers. However, it requires Matba Rofex S.A. to establish as a condition of eligibility that they have a valid contract with a Payment Service Provider (“PSP”), registered with the Central Bank of Argentina (“BCRA”) for the provision and use of its payment services in the country.

The CNV communication indicates that only qualified investors, listed in Article 12 of Section I, Chapter VI, Section I of Title II of the CNV Rules, could purchase these contracts.

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