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Cryptocurrency ETFs must meet certain requirements to reach the Argentine market.
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If they arrived in the country, these ETFs would be traded in pesos at any stock broker.
Today, November 13, the National Securities Commission (CNV) of Argentina made official a regulatory modification that opens the way for exchange-traded funds (ETFs) of virtual assets such as Bitcoin (BTC) and other cryptocurrencies to operate in the capital market. Argentinean.
The measure is part of the General Resolution 1030/2024published this morning in the Official Gazetteand establishes the conditions that the instruments must meet to be publicly offered in the country.
With the resolution, the CNV regulations are modified (Ordered Text 2013 and its amendments), now allowing Argentine Certificates of Deposit (CEDEAR), which represent foreign ETFs, to include virtual assets as long as they meet certain requirements.
These ETFs, which must passively replicate indices (that is, without active management), may include virtual assets, such as bitcoin and cryptocurrencies, along with other equity and commodity instruments.
The requirements for the ETFs They include passively replicating a widely disseminated index and having a liquidity index equal to or greater than the MERVAL index.
It means that cryptocurrency ETFs that meet these requirements could be accessible to Argentine investors by purchasing CEDEAR.
It is worth clarifying that the Argentine Certificates of Deposit, known as CEDEAR, are financial instruments that allow Argentines to access assets from abroad without the need to carry out a currency exchange operation or open an account with an international broker.
Basically, a CEDEAR is a title that represents a foreign stock, fund or asset on the Argentine stock market, which allows investors to benefit from price variations of those international assets from the local market.
As CriptoNoticias has reported, there are already CEDEARs in Argentina related to cryptocurrency companies, for example, Coinbase (COIN).
The CNV resolution also introduces a new regime for mutual funds (FCI) intended exclusively for qualified investors. These funds, which have fewer restrictions regarding the composition of their investments, are designed for investors with advanced knowledge and the ability to take greater risks. Among the assets that may be included are virtual assets or cryptocurrencies.
The news comes at a time of growing interest in digital assets and advances in the regulation of cryptocurrencies in various parts of the world. With this change, Argentina aligns itself with international trends that seek to open the market to new financial products to encourage investment.
In statements to the newspaper “Ámbito”, investment advisor Gastón Lentini said that the new measures will be beneficial, among other reasons, because “they can serve to ward off the thousands of scammers who lurk daily.” According to the specialist, in Argentina “half of the economy is unregistered and that favors fraud, Ponzi schemes and offers that unfortunately end in taking people’s money by appealing to their greed and ignorance.”
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