Will Stricter Rules for Exchanges In Mexico Curb Money Laundering Soon?

As stated by a circular published on September 10 by the Mexican government’s official daily, the Diario Oficial de la Federacion, all of the crypto exchanges and banks offering services to Mexico will now be required to receive a permit from the Bank of Mexico (Banxico).
The circular referred to as “General provisions on operations related to electronic payment funds” declares that Banxico will be in charge of distributing crypto-related permits. In order to acquire one, companies that are dealing in digital currencies must be able to present a comprehensive business plan that comes with a description of their operations, the commissions they intend to charge, and the mechanism they will utilize in verifying client identity.
Furthermore, the letter also emphasized that banks will not be permitted to make cryptocurrencies available to users should their accounts only be created within the same day. Financial entities will also be required to recognize all customers involved in cryptocurrency trading. Moreover, any assets attained by crypto beneficiaries have to undergo additional validation checks. These measures, according to Banxico, will help prevent money laundering and illegal goings-on.
News outlet Criptonoticias has reported that establishments which are willing to comply with Banxico’s mandates must have already submitted their applications by September 11. If unable to, they have the chance to apply again in March 2019, it is around this time when a new piece of fintech legislation is anticipated to be passed into law.
Amir Manzur, the founder of local crypto exchange Cubobit, predicts that despite these new regulations issued by Banxico, Mexico will soon undergo a cryptocurrency boom around the later part or the end of 2018. He also said that the introduction of comprehensive fintech law in March (as mentioned above) will only fortify the customer assurance and trust in digital currencies, encouraging people to further invest.

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