According to a circular released by the Mexican Govt., the letterreferred as the“General provisions on operationsassociated withelectronic payment funds” revealed that the Banxico would bechargeable forallcrypto-related operational permits. To receive a permit,the organizationdealing in crypto currenciesshouldsubmita closebusinessset upprofile along withan outlineof their operations, the commissions they charge,and also theverification structurethey would be employing to verifying theirclientidentity.
Moreover, the banksaren’tpermissibleto makedigital currenciesavailableto users, if their accounts were created ona similarday. Financial entitieswould also be responsible for maintaining a track record for all customersconcernedin the crypto trading.Additionally, any assetsownedby crypto beneficiariesneed tobearextravalidation checks. As per Banxico, these measurescanhelp in preventing the illicit digital ecosystem.
According to local news source ‘Criptonoticias,’companiesinterested aboutreceiving Banxico compliance permitshould have submitted their applications bySept. 11. However,they canre-applyonce morein March 2019oncea replacement of fintech legislationis predictedto be passed into law.
As per the founder of a local crypto exchange ‘Amir Manzur’:
“Despite the newrulesissued by Banxico, Mexicomayface a crypto boom bythe endof this year.”
Mentioning further he added that this introduction of friendly fintech laws would strengthen the investors confidence in the crypto currencies and would encourage more people to join this digital revolution.