All crypto exchanges and banks offering crypto services in Mexico will now be mandated to receive a certification from the Bank of Mexico (Banxico), according to a September 10 circular that released in the official daily of the Mexican government, the Diario Oficial de la Federacion.
The letter that is called “General provisions on operations related to electronic payment funds” remarked that Banxico is responsible for issuing crypto-related licenses. To acquire one, a firm dealing in digital currencies must offer a detailed business plan along with a description of their operations, the commissions they plan to charge, and the mechanism they would be using to authenticate customer identity.
In addition, banks are not allowed to make cryptocurrencies available to users if their accounts were made on the same day. Financial groups are also obliged to identify all clients involved in cryptocurrency trading. In addition, any assets attained by crypto beneficiaries have to go through more stringent validation checks. According to Banxico, these measures would help prevent money laundering and unlawful activities.
News outlet Criptonoticias also reported that institutions interested in receiving Banxico compliance must have forwarded their applications by September 11. However, they may once again send in applications in March 2019 when a new piece of fintech legislation is expected to be passed into law.
Despite the new rules issued by Banxico, Mexico could soon face a cryptocurrency explosion by the end of 2018, according to Amir Manzur, the founder of local crypto exchange Cubobit. Manzur told Forbes Mexico that the launching of comprehensive fintech law in March would only bolster consumer confidence in digital currencies, emboldening people to invest more.