According to a circular released by the Mexican Govt., the letter referred as the “General provisions on operations associated with electronic payment funds” revealed that the Banxico would be chargeable for all crypto-related operational permits. To receive a permit, the organization dealing in crypto currencies should submit a close business set up profile along with an outline of their operations, the commissions they charge, and also the verification structure they would be employing to verifying their client identity.
Moreover, the banks aren’t permissible to make digital currencies available to users, if their accounts were created on a similar day. Financial entities would also be responsible for maintaining a track record for all customers concerned in the crypto trading. Additionally, any assets owned by crypto beneficiaries need to bear extra validation checks. As per Banxico, these measures can help in preventing the illicit digital ecosystem.
According to local news source ‘Criptonoticias,’ companies interested about receiving Banxico compliance permit should have submitted their applications by Sept. 11. However, they can re-apply once more in March 2019 once a replacement of fintech legislation is predicted to be passed into law.
As per the founder of a local crypto exchange ‘Amir Manzur’:
“Despite the new rules issued by Banxico, Mexico may face a crypto boom by the end of 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.