Bank Of Mexico Introduces New Requirements For Cryptocurrency Exchanges
All Mexican crypto exchanges and institutions operating in the crypto sphere are required to obtain a permit for their activity from the financial regulator. The Bank of Mexico (Banxico) published this decision in the official gazette.
According to the Banxico's document, the central bank of the country is responsible for granting permissions for work with digital assets. The permit can be issued to the company if it provides a detailed business plan along with a description of transactions, planned commission fees, and a mechanism to identify the clients.
Bank of Mexico headquarters in Mexico City (source: wikipedia.org)
Banks are ordered to prohibit its customers from any operations with digital assets on the day of an account opening. Financial institutions must identify the users, who carry out trading with a cryptocurrency. Digital assets purchased by the clients are subject to additional verification. The Central Bank believes that the new requirements will help in combating money laundering and other illegal activities.
Financial institutions that wish to receive the approval of the regulator must send an application as soon as possible. According to some sources, this procedure will be available in spring of the next year, when the adoption of a new law on the financial and technical sphere is expected.
Despite the strict policy of Banxico, Mexico may face a crypto boom by the end of this year, Amir Manzur, the founder of the Cubobit trading platform, states. In his opinion, the adoption of the new law will increase the confidence of the country's residents in cryptocurrency and stimulate investment.
As previously reported, a crypto exchange will be opened in Mexico to support the economy of Latin America.