The lower house of Congress in Mexico has finally passed it’s bill to regulate cryptocurrency exchanges. The president, Enrique Pena Nieto is yet to sign the bill and make it a law.
The bill includes regulations on crowd funding and cryptocurrency sectors which has been sanctioned by the lower house of Congress. According to reports by Reuters, this bill was commended by the the senate, last December. All it needs now is Mr President’s signature to turn into a law.
Financial stability and prevention of money laundering are the major subjects of this bill. Secondary laws has not been sorted as of now but National Banking and Securities Commission (CNBV), the central bank, and the finance ministry is soon going to initiate the procedure and publish the final results in a few months.
The new laws will allow the fintech firms to have better regulations regarding Crowdfundings, various modes of payment and the most concerned crypto phenomenon, Bitcoin.
Daniel Luévano, the Director of Operations at Mexican Crypto Exchange ISBIT, defined what this bill would mean if it turns a law and how it will be a significant modification in changing the landscape of Mexican Cryptocurrency.
Once the law gets signed by the President, the exchanges will have about a year’s time to adjust to the new changes in laws. The Bank of Mexico will be the one to decide which virtual currencies will be permitted to get listed on the exchanges and will be under constant supervision to check on any illegalities.