Mexico passes law to regulate cryptocurrencies and FinTech firms

The bill proposes measures to regulate firms operating with virtual currencies such as bitcoin

What has happened?

The Mexican Senate has approved a bill to regulate the use of FinTech, including crowdfunding and cryptocurrency firms.

What does this mean?

According to Reuters, the bill cleared the upper house of the Mexican legislature and is expected to pass a final vote in the lower house, the Chamber of Deputies, by 15 December.

The bill seeks to promote financial stability and defend against money laundering and financing of extremists.

As part of this, it proposes measures to regulate firms operating with virtual currencies such as Bitcoin.

The country's central bank, the Banco de Mexico, would be tasked with regulating exchanges and other firms that handle cryptocurrencies.

If approved, the precise details of the measure would still need to be ironed out in secondary legislation.

Assuming the bill gets passed, Mexico will join a short list of countries – such the US and UK – that have moved towards regulating FinTech providers.

Next steps

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Contacts
Federico De Noriega Olea
Partner
Mexico City
Rene Arce Lozano
Partner
Monterrey
Languages English
Countries Mexico

 

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