Mexican Lawmakers Pass Cryptocurrency Regulation Bill

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Could Mexico be the latest country to finally push for the regulation of fintech, including cryptocurrencies? If recent reports are to be believed, the answer is a yes.

Reuters reports that a bill drafted for that very purpose was recently passed by the country’s Chamber of Deputies, the lower house of legislature. The only thing left to do for the drafted bill to finally become law is to get it signed by President Enrique Pena Nieto.

The bill seeks to clarify the definition of cryptocurrency, as well as safeguard it enough for public use, and away from illicit activities, such as money laundering, so rampant online. It also affirms that bitcoin is not going to be classified as a currency, but rather a commodity. The operation of crypto-exchanges will also be under the purview of the central bank. It is also expected that the bill will pave the way to lay down rules on certain activities by cryptocurrency firms, such as fund-raisings.

A secondary law is anticipated to be further developed in the coming months, to be prepared and drafted by other financial regulators, including Mexico’s securities commission.

 

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