It does not allow brokers to open accounts to sell any type of cryptocurrency or their best crypto signals. Nor is it possible to make the dollar roll through bots in a massive way in order to take care of the dollars in the BCRA’s reservas – say analysts of SafeTrading.
The National Securities Commission (CNV) banned investing in Bitcoin and all kinds of cryptocurrencies through Stockbrokers, in the same way that it went out to cut the famous dollar roll that many Alycs make with bots in a massive way.
In fact, the UIF and CNV have already come out to control all those investors who make the famous roll.
It is in order to take care of the dollars in the reserves of the Central Bank, now that the liquidation of the harvest of the field has finished and the reserves begin to fall. It is simultaneously with the new BCRA regulation that prohibits sending dollars to third party accounts.
There are Alycs that offered Cedears’ managed portfolio, not through a fund, because they cannot have more than 20% in this instrument, but through Alyc itself. They won’t be able to do it anymore.
- It prohibits investing in Bitcoin and all kinds of cryptocurrencies through Stockbrokers, in the same way that it goes out to cut the famous roll of the dollar that many Alycs do with bots in a massive way
- In the case of cryptos, they are widely used to make money transfers abroad, especially those that are more stable with the dollar, such as USDT or DAI.
Now, the CNV put a stock on all this and cut off any type of business they did outside the Stock Market from the stockbrokers.
“It is a regulatory cosmetic, so that the Alyc do not carry out other activities with the same companies. They want to prevent another case like GyT, where the client deposited in an account and opened to non-regulated instruments, or prevent the structures of bot that had several agents to operate the famous dollar curl “, warns one person from SafeTrading.
The Alycs may only carry out economic activities exclusively circumscribed to the CNV’s control and oversight scope, with an exception applicable to banks and financial entities.
In other words, although the possibility of registering in multiple categories of agents compatible with their object of incorporation is maintained, they will not be able to carry out other outside activities.
“This is how they want to make the capital market grow? They continue to believe that with restrictions they solve problems, when in reality the only thing they achieve is to reduce the national capital market even more,” they get angry at the tables.
- They want to prevent another case such as GyT, where the client deposited into an account and opened to unregulated instruments, or prevent bot structures that several agents had to operate the famous dollar curl
- For the regulator, the spirit of the regulatory change is based on reducing the operational risk of the agents and facilitating the control and supervision functions, as well as obtaining greater clarity in the patrimonial, economic and financial information, fundamentally for those categories that intervene in the settlement and compensation of operations carried out in the capital market.
That is, those agents who handle funds from their client clients. It is estimated that the measure would reach 18% of the Alycs that handle funds from their principal clients by best crypto signals.
The regulation provides for a period of 120 calendar days to inform the adaptation plan and a maximum of 12 months to refrain from carrying out any other activity not provided for in the proposed reform, under penalty of registration expiration.
Cryptocar: the first vehicle was sold in Bitcoin and its use is extended to savings plans and spare parts
The Dietrich Group was the first to receive Bitcoins in the sale of a car. Only the reservation was paid but the dealer will extend the acceptance of these and other cryptocurrencies for:
- Full payment;
- Savings plans;
- Spare parts;
The Argentine automotive market debuted in the world of cryptocurrencies. The Dietrich Group – with dealers dedicated to Ford and Volkswagen, workshops and insurance, among other services – was the first to implement the collection of a reserve in Bitcoins.
Strictly speaking, the seller received pesos converted in the operation; a methodology that projects to spill the rest of its businesses, even for savings plans, and that also has its complexities – say the analyst of SafeTrading.
The first ‘cryptocar’ was a Volkswagen Nivus Confort. That car has a list price of $ 2.8 million (equivalent to about $ 28,900 at the official exchange rate). In other words, if the cryptocurrency had been used to pay the total for the car, with a single Bitcoin (today $ 45,000 per unit) it was enough to pay it. And there was more than half Nivus left over.
The use of cryptocurrencies has its peculiarities and in the automotive market, they do not escape them. As the price of virtual currencies is so volatile, the moment of the transfer is very short.
As in any operation, the price to be paid for the car in pesos is closed first. The buyer immediately receives a QR code valid for only 15 minutes to pay from a crypto wallet (it is necessary for the buyer to use it). That payment goes through the company dedicated to cryptocurrencies, which sends the pesos to the selling concessionaire.
From there, the car is paid for and the traditional patenting and delivery procedures remain.
In the operation carried out last week, Bitcoin was used and the company that intervened was Bithan in alliance with Dietrich. But the automotive group’s plan is to work with more firms and more cryptocurrencies in the short term.
Also, expand its use not only to car reservations but to complete sales, savings plan fees, spare parts and service.