o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Mexican State Bank Announces Stricter Rules for Crypto Exchanges

Posted on September 13, 2018 by nbelov

Mexican banks that provide crypto services and crypto exchanges must now apply for permits with the Bank of Mexico in order to legally carry out their operations.

All crypto exchanges and banks providing crypto services in Mexico will now be obliged to receive a permit from the Bank of Mexico (Banxico), according to a September 10 circular published in the official daily of the Mexican government, the Diario Oficial de la Federacion.

The letter called “General provisions on operations related to electronic payment funds” states that Banxico is responsible for issuing crypto-related permits. To get one, a company dealing in digital currencies must provide a detailed business plan complete with a description of their operations, the commissions they plan to charge, and the mechanism they will use to verify customer identity.

Additionally, banks are not permitted to make cryptocurrencies available to users if their accounts were created on the same day. Financial entities are also obliged to identify all customers involved in cryptocurrency trading. Furthermore, any assets acquired by crypto beneficiaries have to go through additional validation checks. Per Banxico, these measures will help prevent money laundering and illicit activities.

According to news outlet Criptonoticias, institutions interested in receiving Banxico compliance must have submitted their applications by September 11. However, they may apply again in March 2019 when a new piece of fintech legislation is expected to be passed into law.

Despite the new regulations issued by Banxico, Mexico could soon face a cryptocurrency boom by the end of 2018, according to Amir Manzur, the founder of local crypto exchange Cubobit. Manzur told Forbes Mexico that the introduction of comprehensive fintech law in March will only strengthen consumer confidence in digital currencies, encouraging people to further invest.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Splinterlands Tops Blockchain Gaming This Week As Axie Infinity Shows A Minor Rebound – Crypto Mode July 4, 2022
  • Tekedia Capital Participating in Blockchain Vibes, Lagos – 9 July 2022 – Tekedia July 4, 2022
  • Blockchain Market worth $67.4 billion by 2026 – Report by MarketsandMarkets – GlobeNewswire July 4, 2022
  • Fintech-ideas Brings Blockchain Functionality to Its Range of Platforms – Crypto Briefing July 4, 2022
  • Uphold Head Of Blockchain And Crypto Research Calls A Bottom – Crowdfund Insider – Crowdfund Insider July 4, 2022
  • Does the Metaverse need blockchain to ensure widespread adoption? July 4, 2022
  • Fintech-Ideas brings blockchain functionality to its range of platforms July 4, 2022
  • The UK 'Bitcoin Adventure' shows BTC is a family affair July 4, 2022
  • COSMETA Announces Plans to Bring First-Ever HR Services into Blockchain and the Metaverse – GlobeNewswire July 4, 2022
  • COSMETA Announces Plans to Bring First-Ever HR Services into Blockchain and the Metaverse – Yahoo Finance July 4, 2022
  • Crypto ‘The Biggest Ponzi Scheme In Human History’—China Blockchain Execs Back Bill Gates And Warren Buffett After Huge Bitcoin Price Crash – Forbes July 4, 2022
  • Hodlers and whales: Who owns the most Bitcoin in 2022? July 4, 2022
  • Middleware Can Fix Blockchain Industry's Fragmented Dapp Architecture: Huobi Ventures Report – Benzinga – Benzinga July 4, 2022
  • TokLok – a Blockchain-Based Messaging App You Should Know About – CoinQuora – Live Crypto News July 4, 2022
  • Blockchain GameFi Land of Conquest Gains Investment from Huobi Ventures, Poised to Launch Closed Beta in August – GlobeNewswire July 4, 2022
  • Fintech-Ideas Brings Blockchain Functionality to Its Range of Platforms – BeInCrypto July 4, 2022
  • EDC Blockchain (EDC) Rises 40.21% Monday: What's Next for This Neutral Rated Crypto? – InvestorsObserver July 4, 2022
  • Ethereum (ETH) VS Blockchain 3.0, Which Crypto Will Win In 2022? – Analytics Insight July 4, 2022
  • Colombia to Use Ripple Ledger to Issue Land Registry Certificates – Blockchain Bitcoin News – Bitcoin News July 4, 2022
  • Meta signals closure of Novi wallet after a 10-month pilot July 4, 2022
  • CoinShares acquires French crypto asset manager Napoleon AM July 4, 2022
  • ZETRIX -Could Blockchain Tech Further Boost E-commerce Rise in Asia? – BeInCrypto July 4, 2022
  • Blockchain Identity Management Market Report 2022-2028 – GlobeNewswire July 4, 2022
  • CNX-Network Breaking Online Monopolies Through Blockchain – PR Newswire July 4, 2022
  • Central African Republic (CAR) Launches Native Crypto “Sango Coin”, Eyes Blockchain-Driven Economy – Coinspeaker July 4, 2022
  • The 10th Global Blockchain Congress officially take place in Hanoi, Vietnam – PR Newswire July 4, 2022
  • Former Marvel Creative Director Joins Forces with Blockchain Project Cosmos Heroes – StreetInsider.com July 4, 2022
  • Former Marvel Creative Director Joins Forces with Blockchain Project Cosmos Heroes – Benzinga – Benzinga July 4, 2022
  • Peter Schiff's bank closure strengthens Bitcoin case for financial freedom July 4, 2022
  • MoonPaw co-founder says companies must use blockchain to create positive social outcomes – The West Australian July 4, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com