The regulations regarding the technology, Fintech and crypto-currencies should be adopted in Mexico on 15 December

The mexican Senate has passed a bill aimed at regulating the technology sector, financial and emerging countries, including the regulatory provisions relating to Bitcoin and other crypto-currencies. This reflects the enthusiasm of Mexico regarding crypto-currencies, like other countries, also.

Fintech Singapore

An alternative financing and investment

The bill Fintech should be the subject of a final vote in the lower house mexican by December 15. The upper chamber of the mexican parliament has already approved a bill that will provide a regulatory framework governing the organization and operation of companies in Fintech. The bill will seek to regulate companies offering alternative means of financing or investment, the companies who issue or manage funds or electronic assets, in addition to providing guidelines for the operation of exchanges of virtual currency.

Balance sheet

Mexico’s central bank wants to take the hand

If passed, the bill will put the trade of virtual currency under the regulatory control of the central bank of Mexico. The regulatory framework will seek to impose identification requirements strict to clients and investors in order to deter the activities of money laundering or financing of terrorism, and prohibit institutions of financial technology (FTI) to guarantee the investment performance or the success of an investment. Mexico defines ” institutions of crowdfunding “, the “institutions of electronic payment” and the “institutions of digital asset management” as the FTI.

The bill will also entail the creation of a ” Council Fintech “, which will be considered as a means by which the public and private sectors can exchange ideas and interests relevant to the technologies financial edge. The board will be composed of people from the public sector and the private sector, and will be called upon to monitor trends and emerging practices in the industry Fintech.

Source : News.Bitcoin