Banco de México will request permits for exchanges

The authorities will require that companies meet certain requirements to operate officially in the world of cryptocurrencies

From this Thursday, Mexican authorities will demand special permits through the Central Bank of Mexico to allow exchanges to operate with cryptocurrencies.

The permit, which will be called General Provisions on transactions related to electronic payment funds, will contain a series of obligations on the part of the Banxico company, which must be complied with in order to operate and provide account statements, records, detailed descriptions of the foreign exchange operations, the commission plan and the systems and mechanisms used to verify the identity of each client.

On the other hand, the authorities mentioned the disqualification of funds in cryptocurrencies, as well as more exhaustive validation processes for benefits of digital currency funds.

Those companies interested in participating in this process must wait until March 2019 when the application collection process is opened again and which will contain new specifications as provided by the legislative framework after the next electoral process.

Several entrepreneurs claim that Mexico could soon be entering fully into the decentralized trade sector, mainly thanks to the new legislation that is circulating.

K. Tovar

Source: Coincrispy

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