It does not allow brokers to open accounts to sell any type of cryptocurrency. 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 reserves.
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.
It is in order to take care of the dollars in the Central Bank reserves, now that the liquidation of the field harvest has ended and the reserves are beginning 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.
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 hold 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 that there is 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 of the big brokers.
The Alycs may only carry out economic activities circumscribed exclusively 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 an 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 the problems when in reality the only thing they achieve is to further reduce the national capital market, ” they get angry at the tables.
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 that 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.
The regulation provides a period of 120 calendar days to report 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 expiration of the registration.