All cryptocurrency exchanges and banks in Mexico offering services related to crypto must now obtain permission from the Bank of Mexico. To do this, the company must provide a detailed business plan, a description of its activities, the commissions that it plans to charge, and the mechanism that it uses to verify the identity of the user.
Companies that want to receive approval for crypto activities from the Bank of Mexico should have submitted their applications before September 11. Next time they will be able to submit it again in March 2019. It is planned that next spring the legislative base of Mexico will be supplemented by new laws related to new technologies in the financial sphere.
Thus, the Bank of Mexico plans to fight money laundering and other illegal activities. In addition, local banks are now prohibited from granting access to cryptocurrencies to customers whose accounts were opened on the same day. Financial institutions also have the responsibility for identifying all clients involved in the trade in cryptocurrencies. In addition, all assets acquired by crypto holders must undergo additional checks.
WHY IS IT IMPORTANT?
- It is worth noting that Mexico is quite loyal to the crypto and is open to new technologies. In March, the Lower Chamber of the Mexican Parliament supported the government bill on the legalization of the cryptocurrency. The bill became part of an initiative that involves the use of technological innovations to reduce the cost of financial services.
- Representatives of the local crypto sector also note that the planned introduction in March of comprehensive finteŃh regulation will only strengthen the confidence of customers in digital currencies and will push the inhabitants of Mexico to additional investments in this area.