The Central Bank of Mexico has introduced strict rules for crypto-exchanges

[Paha87]

According to a circular dated September 10, published today in the official daily newspaper of the Mexican government Diario Oficial de la Federacion, all crypto-exchanges and banks providing cryptocurrency-related services in Mexico will now have to obtain permission from the Bank of Mexico (Banxico).

The letter, entitled "General provisions on transactions involving electronic means of payment", States that Banxico is responsible for issuing permits for activities related to cryptocurrency. To obtain authorization, a digital currency company must submit a detailed business plan complete with a description of its operations, the fees they plan to charge, and the mechanism it will use to verify the identity of the customer.

In addition, banks are not allowed to allow users to work with cryptocurrencies on the day of account creation. Financial companies are also required to identify all clients involved in cryptocurrency trading. In addition, any crypto assets acquired by people must pass additional validation checks. As reported by Banxico: "These measures will help prevent money laundering and illegal activities."

According to local news sources, institutions interested in obtaining permission from Banxico should submit their applications in March 2019, when, according to expectations, a new law regulating the FINTECH industry will be adopted.

Despite the new Banxico rules, Mexico may soon face a cryptocurrency boom by the end of 2018, says Amir Manzur, founder of the local cryptocurrency exchange Cubobit. Manzur told Forbes that " the introduction of a comprehensive law in March regulating the FINTECH industry will only strengthen consumer confidence in digital currencies, encouraging people to further invest."

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