|Sep 13, 2018 11:00 PM||By: Art Vasquez | 2610 Views|
All crypto exchanges and banks implementing crypto services in Mexico will now be required to receive a grant from the Bank of Mexico (Banxico), according to a September 10 circular issued in the official daily of the Mexican government, the Diario Oficial de la Federacion.
The letter ordered "General provisions on operations related to electronic payment funds" states that Banxico is subject for issuing crypto-related grants. To get one, a company trading in digital currencies must provide a complete business plan with a description of their services, the cuts they plan to charge, and the tool they will use to verify customer identification.
Additionally, banks are not allowed to make cryptocurrencies available to users if their statements were created on the same day. Financial objects are also required to identify all customers included in cryptocurrency trading. Furthermore, any assets received by crypto beneficiaries have to go through additional validation checks. Per Banxico, these steps will help prevent money laundering and illegal activities.
According to news outlet Criptonoticias, organizations involved in receiving Banxico compliance must have presented their applications by September 11. However, they may apply again in March 2019 when a new piece of fintech law is supposed to be passed into law.
Despite the new guidance issued by Banxico, Mexico could soon face a cryptocurrency growth by the end of 2018, according to Amir Manzur, the founder of local crypto exchange Cubobit. Manzur mentioned Forbes Mexico that the presentation of comprehensive fintech law in March would only increase consumer trust in digital currencies, prompting people to invest further.