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According to the Diario Oficial de la Federación, local operators of crypto currencies in Mexico must now obtain approval from the Bank of Mexico.

Mexico strives for crypto relevance

The Mexican government is making rapid progress in introducing crypto-specific regulations, presumably to boost economic growth and consolidate its position as a major location in the crypto market.

Under the “General Rules for Business Activities Related to Electronic Payment Funds”, crypto currency exchanges and related providers can provide all customers with Fiat liquidity guaranteed by the Bank of Mexico (Banxico) upon approval. To obtain approval, a cryptographic company must undergo a short process to prove its legitimacy and its corporate structure.

First, a company must provide Banxico with a detailed business plan – including a description of the processes, personnel roles and activities, commissions charged per trade, and the procedure for a know-your-customer mandate. In addition, all companies doing business are required to demonstrate the legitimacy of all customers and companies involved in each transaction.

Creating trust in crypto currencies

With the new laws, consumers will face increased control as all assets acquired after payouts in crypto currency will be subject to validation checks by the government.

At the moment, no further approvals can be obtained for new cryptographic companies. Applications cannot be resubmitted until March 2019, when the Mexican government will issue new Fintech regulations for the coming fiscal year.

The creation of robust regulations will boost investor confidence in crypto currencies, especially for those on the verge of strict government legislation. Amir Manzur, founder of the local crypto exchange Cubobit, stressed in this context that the country could experience a boom in digital tokens before the end of 2018.

About Mexico

Mexico is a country south of the USA and separates the Atlantic from the Pacific. The country has a total area of 1,964,380 km² and a total coastal length of 9,330 km. This area is about 5.5 times the size of Germany. Mexico is the largest country in America and ranked 14th worldwide. With 66 inhabitants per km² it is also the least populated country in America.

About 70 islands belong to the country. Direct national borders exist to the 3 neighbouring states Belize, Guatemala and USA. The distance between Berlin and the capital Mexico City is approximately 9,740 km.

With an extension of over 2000 km from north to south, it is difficult to make a general statement about the climate. The individual parts of the country would be too different for this. Mexico has a predominantly subtropical climate, so it is much drier and warmer than here. Only in a few more humid months per year there are productive rain showers. The average daily maximum temperatures are between 25 and 33 degrees, depending on the season. In some parts of the country the daytime temperatures can reach up to 43 degrees. In the colder months the temperature sinks depending upon region at night on up to 10°C in the monthly average.