The first blockchain association in Mexico has been created as reported by a local news outlet Forbes Mexico on the 28th of November. The association is inclusive of major industry players in the blockchain and the Cryptocurrency space.
Purpose Of The First Blockchain Association in Mexico
The first blockchain association in Mexico which is inclusive of major software firms such as Bitso, Volabit, BIVA, GBM, Lvna Capital, ConsenSys and Exponent Capital is set to transform the blockchain space of the country with its objectives.
The major objective of the association is to educate the citizens in the technology’s deployment and its potential application. Also inclusive is the project of developing standards and practices before the technology becomes mainstream.
The provisional president of the newly formed Cryptocurrency association Felipe Vallejo noted that the blockchain technology has the objective of creating a more transparent, safe and efficient procedure in use and application.
Also, the BIVA director María Ariza said that the association is opened to new members as the growth and development of blockchain in the space is aimed at. Maria noted that the association aims at creating a space for discussion and public policy and want everyone to be able to present their idea and policy.
Crypto Regulation in Mexico and World Crypto Organization To Facilitate Wide Adoption
Crypto regulation in Mexico has seen the growth of recent as the right of issuance of a permit of operation was given to the Mexican state-backed Bank of Mexico (Banxico) in September. The announcement noted that all Crypto exchanges and banks providing Crypto services in Mexico are to receive the permit from the bank. And to get one the firms are to provide a detailed business plan with a description of their operations, the commission they plan to charge and their mechanism for verifying customers identity.
The Mexican blockchain association is joining others of its type around the world which are created purposely to facilitate the adoption and use of blockchain and Cryptocurrency.
Examples of such include the creation of an Association for Digital Asset Markets (ADAM) to create a “code of conduct” for the cryptocurrency sector. Ten financial and tech firms formed this on the 27th of November.
Also, a group of US-based blockchain and Crypto companies inclusive of coinbase announced in September the establishment of a blockchain association based in Washington DC; The association is aimed at representing the mainstream firms seeking to operate in the political space as it addresses the issues of Cryptocurrency and US tax law.