The central bank of Mexico has published rules on crypto assets that put crypto exchanges in “a catch-22 type of situation,” the CEO of a local exchange explained to news.Bitcoin.com. They “essentially stipulated that they wouldn’t authorize any cryptocurrency to be offered by regulated financial companies.”
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Regulating Mexico’s Crypto Industry
The Bank of Mexico (Banxico), the country’s central bank, published a circular in the Official Gazette of the Federation on Friday detailing crypto-related provisions for the regulation of financial technology institutions (ITFs).
Tomas Alvarez, CEO of Mexican crypto exchange Volabit, explained to news.Bitcoin.com on Tuesday that “A year ago a law to regulate fintech companies was passed by the Mexican Congress. This law stipulates that services that hold custody of users’ fiat money or cryptocurrencies (most brokers and exchange business models require this) have to apply for…