Mexican legislation proposes regulated cryptobanks and transfer services
The general director of Mexico's central bank has said that if a law regulating FinTech's activities is approved, a framework will be established to regulate the institutions that store and transmit cryptocurrencies on the behavior of their clients.
The Regulation Law of Financial Technology Institutions (FinTech Law), which is currently pending approval in the Mexican Senate, proposes a regulated framework through which banks can store cryptocurrencies and electronic payment processors can transfer them, according to the Mexican newspaper El Universal.
The publication reports that the general director of financial systems of the Bank of Mexico, Alan Elizondo, said that if the bill is approved in its current form, the companies that fall within its scope will be more strictly regulated compared to other financial companies. non-banks that have been operating in the Mexican market for years.
Mexican citizens in possession of cryptocurrencies will be encouraged to store it and send it through compatible providers, although apparently they will not be required to do so.
Based on Elizondo's comments, it seems feasible that digital assets owned by clients in possession of regulated institutions are visible to some government entities.
In the event that the FinTech Law is approved, said the CEO, the central bank will issue additional regulations regarding cryptocurrencies.
According to El Universal, a draft of the law establishes that the legislation "recognizes the need for a sector as dynamic as that of technological innovation to need a regulatory framework that allows authorities to mitigate risks and allow growth in a competitive environment" .
Source: ETHNews