The presence of Cryptocurrency is Mexico is about to see a major change as the country is a mere single signature away from getting regulations placed on cryptocurrency and cryptocurrency exchanges. This comes after a law was passed by the lower house on March 2.
That said, the bill isn’t carved in stone yet. Before that happens they need one more signature and that needs to be from Mexico’s president Enrique Pena Nieto. This new bill will see new resolutions combined more generally fintech. That also includes cryptocurrency businesses and crowd fundings.
Much like today, when the bill was approved by the Mexican senate last year it didn’t go into any deep details, but was full of generalized information. It has been stated that details relating to cryptocurrency companies will be touched upon at a later time, as well as some of the bills secondary laws. This tactic leaves a lot of room for changes to be made at later times. This is definitely something that will come into play later on.
Reuters put it best when they stated that the new platform for cryptocurrency in Mexico, “will give fintech companies greater regulatory certainty around issues such as crowdfunding, payment methods and rules surrounding cryptocurrencies such as bitcoin.”
Mexico is just one in a number of governments around the world who have placed strict regulations on the cryptocurrency world. South Korea, America, The UK, China and Russia are amongst the many that Mexico is now in line with. Although only a few months in, 2017 has been a year of governments opening their eyes to cryptocurrency. Some want to totally remove, while others just want to control.
Felipe Vallejo, the director of public and regulatory policy at Bitso, a Mexican exchange felt great about the bill. He stated, “For us it was a victory for the sector, because this is being done internationally,”