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Author Topic: [2018-03-02] Mexico’s Cryptocurrency Regulation Awaits Presidential Signature  (Read 21 times)
ov3rflow9x
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March 02, 2018, 02:39:07 PM
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Mexico is just one signature away from regulating cryptocurrency after a law setting out its position passed the lower house Thursday, Reuters reports Mar. 2.

Combining new resolutions on fintech more generally, including crowdfunding and various aspects of cryptocurrency businesses, the bill now only requires a signature from president Enrique Pena Nieto before it becomes law.

The exact details applicable to crypto companies will be specified at a later date as so-called ‘secondary’ laws, the current incarnation of the bill containing more generalized information agreed when it was approved by the Mexican Senate Dec. 5 last year.

As Reuters explains, the new landscape “will give fintech companies greater regulatory certainty around issues such as crowdfunding, payment methods and rules surrounding cryptocurrencies such as bitcoin.”

Mexico thus joins a select group of major jurisdictions applying hard-and-fast rules to cryptocurrency.

“For us it was a victory for the sector, because this is being done internationally,” Felipe Vallejo, director of public and regulatory policy at local exchange Bitso told Reuters in December.

This year has been marked by an increase in the efforts of governments worldwide to regulate cryptocurrencies.

South Korea’s hasty attempts to bring order to the market has so far achieved mixed successes. This week, Singapore’s central bank also announced it was “assessing” its cryptocurrency environment to see if regulation was necessary for “investor protection.”

https://cointelegraph.com/news/mexicos-cryptocurrency-regulation-awaits-presidential-signature
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March 02, 2018, 04:04:33 PM
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You are talking about the so-called FinTech Law, which was proposed in Congress. There are some points of this law I don't completely agree with. Despite the proposal is about making legal crypto, it is going to be the Mexican Central Bank (a.k.a. Banxico) which will determinate which cryptos are going to be legal and which cryptos not. It is kind of dangerous, even more coming from Mexico, to determinate what is going to be legal.
For now, the proposal is talking about the permission of using cryptocoins by investors and banks. The common use of all of them will not be allowed if the law is approved.
Now, for common users which are still skeptic about the use of Bitcoin, for instance, maybe this is a good deal. But the point is Banxico will determinate (probably) the taxes and fees they will have to pay.
So, this is a kind of "centralization" for the using of cryptos.
I believe there are two points of view. In one hand: regulation. This is positive for enterprises and gives some kind of security about crypto to the common users. In the other hand, we have prohibition: there will be determined wich crypto are going to be legal and wich illegal. What is going to be based on? Who knows. And that is the part that makes me feel uneasy.

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