Two days ago, the National Securities Commission (CNV) of Argentina issued regulations applicable to the special regime of Open Common Investment Funds (FCI), through which it enables bitcoin (BTC) and cryptocurrencies as new investment options, within these funds.
Such as reported the CNV On its official site, the inclusion of these new options was made “six years after the enactment of Law No. 27,440, which was put out for public consultation through RG No. 765”, a regulation that contemplates the implementation of these mechanisms.
“It is a pleasure to announce new investment options that were provided for in this very innovative law,” said Roberto E. Silva, president of the CNV, adding that “finally we are going to have CEDEAR (Argentine Deposit Certificates) and Common Investment Funds of Virtual Assets, commodities and known passive management indices.
“Bitcoin and Ethereum, among others, will be able to be traded in the capital market,” said the president of the CNV, clarifying that the regulations enables three alternatives with investmentsprovided that a series of requirements are met.
In this way, Silva explains how – through this regulation – local investors will be allowed to make investments in spot ETFs that replicate the prices of dozens of indices from around the world, including gold and cryptocurrencies.
As stated by the regulatory body, the initiative follows the trend of international markets and “aims to increase the offer of FCI alternatives.”
In this way, the restrictions to which those who wanted to access the cryptocurrency market were subject, who chose use exchanges or agree to buy on the P2P market, go to an exchange house or sell something in exchange for BTC. But now you can access from the capital marketthrough the purchase of investment funds by a stockbroker or a Settlement and Clearing Agent (ALyC).
New advantages for the markets
This is an integration that has the potential to provide greater volume and depth to the capital market, by increasing liquidity and improving transparency in operations. The regulations are also considered to be very positive for the bitcoin ecosystem, as they will further boost the use of cryptocurrencies in the South American countrycurrently located in first place in the adoption ranking in Latin America.
Carlos Peralta, head of Public Affairs at Bitso Argentina, spoke on the subject. highlighting that one of the greatest benefits of this measure is found in the fact of offering traditional investors a new access road to the cryptocurrency market.
This advance is great news for the crypto industry, as it can stimulate the adoption of these assets by attracting traditional investors and expanding the ecosystem gradually and safely. In addition, it complements recent decisions, such as the inclusion of crypto in corporate assets, the creation of the PSAV (Virtual Asset Service Providers) registry and the incorporation of crypto assets in money laundering processes.
Carlos Peralta, Bitso Public Affairs leader.
The advantages are also seen from the tax side, declared Martín Caranta, partner at Lisicki, Litvin & Asociados, told the media. «You could already access common investment funds established abroad, but they were taxed in Argentina by income tax at 15%. Now, with the investment under a local FCI, the gain would be exempt«he explains.
«The redemption of the shares is exempt from Profits, as long as it is a local investment placed by public offer. Now you will be able to have the risk of the investment, which in this case would be foreign, and the Argentine risk of being in a vehicle under Argentine regulation. Also consider that the CNV measure encourages the development of the capital market.
For his part, Christian Reos, Research Manager at Allaria Ledesma, sees many advantages for small investors, who will be able to diversify their portfolio as a large one would, by having exposure to regions totally different from the Argentine economy. “The attraction of Cedear is that one with pesos can invest in world-class companies.”
In general, there are advantages for both the capital market and the cryptocurrency market in Argentina. With this regulation, Javier Milei’s government takes another step towards regulations “focused on creating a freer market with more options for investors,” investment advisor Gastón Lentini tells local media.
Although the expert thinks that the issue of cryptocurrencies “is another universe,” he estimates that the regulations will be doubly beneficial for the most risky investors, by having more options for “trades and capital placement.” Something that, enriches the offer and the possibilities and that at the same time “can serve to ward off the thousands of scammers who lurk daily.”
It is worth clarifying that to invest in a CEDEAR it is necessary to have an active account that allows operating in the capital market. In that sense, it is possible attach one to the one already held in a bank or create a new one through a brokerage company, as long as the latter is officially listed on the market.
As CriptoNoticias has reported, the inclusion of bitcoin and other cryptocurrencies as new investment options in Argentina follows other regulations that have been implemented in the sector, which include the creation of a registry of cryptocurrency exchanges. This, while waiting for the announcement of regulations for the operation of these platforms, measures prepared by the CNV.
However, we still have to wait, since no investment fund that has exposure to bitcoin or cryptocurrencies has been launched in Argentina. Until now authorization has only been given.