As per the latest news updates online, the announcement was made by the Mexican State Bank regarding their new rules and policies for the cryptocurrency exchanges and banks who are providing these services on 10th September 2018. As per the circular published by the government of Mexico, the new rules for the crypto-exchange has been instated.
What does this circular say?
After the release of the circular regarding the new regulations on cryptocurrency exchanges was released by the government of Mexico, the media is continuously speaking of the facts. According to what was mentioned in the circular the Mexican government has decided that Banxico will be given the responsibility of the crypto-related permits in the country.
How can a company get a crypto-related permit?
To get the permit, a cryptocurrency exchange company should be dealing in virtual currencies and must have a detailed business module along with the description of their operations. These details will include all the information regarding the commission they are going to charge along with the process that they are going to use to verify the identity of the customers.
This was not all, the circular also stated that the banks have no authorization to avail cryptocurrencies to the users whose accounts are created on the same day. According to this new circular, all the financial bodies are now obliged to go through the severe customer identification process when it comes to cryptocurrency trading. Not only this any cryptocurrency asset that a customer acquired must go through the additional validation checks.
It was on 11th September when following this news, Criptonoticias submitted the application for the permit with Banxico. According to the rumors they are also planning to apply again in 2019 when a new piece if Fintech legislation is scheduled to be passed into the law.
Apart from these new developments in Mexico, it is assumed that the country will soon evidence a spike in the cryptocurrency industry. Let us see what more changes come to the industry in Mexico in upcoming months.