Mexico’s lower house of congress have passed a Bill to regulate fintech (financial technology), which includes Cryptocurrency.
The Bill is awaiting the signature of Mexico’s president which is likely to take place shortly. The Bill intends to bring clarity on Cryptos, and prevent money laundering, which is considered a big problem in the unregulated Crypto market.
The exact details in relation to Cryptos, will come later in Secondary laws. It is understood that Mexico are not keen on viewing Bitcoin and Cryptos as a currency but rather a commodity.
Mexico will want to regulate exchanges, with details of all holding accounts complying with proper identity checks and exchanges sharing information with Mexico’s central bank.
Mexico have joined South Korea, China, Singapore, USA and more in looking at ways to regulate the growing Crypto market.
Other Regulatory News This Week
Mark Carney, the Bank of England governor has also stated that England should introduce regulation on the Crypto market. He stated earlier this week,
“The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system.”
Carney stated that he did not want an outright ban on Cryptos, but rather proper regulation.
We stated on numerous occasions last year that we expected 2018 to be a year of ‘regulation’ for the Crypto market – it has certainly panned out that way so far.
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