Mexico is one of the countries that is progressively moving in relation to the crypto-currencies. The House of Congress of Mexico recently approved a bill that will regulate the financial technology sector in the country. The bill takes into account the rules of encryption and adds Mexico to a small group of countries that regulate the crypto-currency space.
According to Reuters, the bill is aimed at "promoting financial stability and preventing money laundering," it was approved by the Mexican Senate back in December last year. Now the matter remains for a small one, the new law must be signed by President Enrique Peña Nieto so that it will enter into force.
Financial institutions, according to the law, will be able to use the information of customers from major banks through the API, by agreement of users. This also means that the central bank of Mexico will be allowed to decide with which crypto exchange markets the country should cooperate. All exchanges will have one year to comply with the necessary rules.
Mexico accelerates the regulatory process
Reuters also notes that the law was drafted in general terms. The country's bank and securities regulator, the National Banking and Securities Commission, along with the central bank and the Ministry of Finance, will develop some important details. These key amendments are expected in the coming months.
Author: Andrey, analyst Freedman Club Crypto News
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