Mexico is considering a new bill that would regulate the activities of financial institutions and cryptocurrency exchanges. This was announced by Daniel Luzhevan, director of the operations department of the local cryptocurrency exchange ISBIT.
The bill establishes a regulatory framework that regulates financial technology platforms (ITFs) and cryptocurrency exchanges. The law does not recognize bitcoin and other digital currencies as legal, but ITFs will be able to transact with certain types of cryptocurrencies that will be approved by the Bank of Mexico. It will determine which types of cryptocurrencies will be used in Mexico, taking into account public acceptance, acceptance by other jurisdictions, mechanisms, rules of protocols that allow the creation, identification, exclusion and control of the functioning of these cryptocurrencies.
Financial institutions will be able to transact with cryptocurrencies, and will also be able to invest in ITFs.
ITFs will now receive a license to operate from the Bank of Mexico, and they will be subject to regular inspections by the controllers of the country's national bank. ITFs will be as important as banks and all trade finance companies will work with them. The ITF will also be subject to fines for non-compliance.
Crypto platforms are given a year to bring their activities into compliance with the new law. For example, the fine for lack of a license will range from 7 to 35 thousand US dollars.
The law will come into force in the coming weeks, as soon as the Chamber of Deputies votes on it.
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