This Wednesday is the deadline established in the Law that seeks to regulate the institutions financial technology Act (Fintech), for companies of Mexico, including the houses of change of cryptocurrencies, to request their authorization before the National Banking Commission and Values (CNBV) and operate under the regulatory framework vigente.De according to the portal The Sun of Mexico, in the aztec nation, there are nearly 400 businesses in Fintech, of which 120 were required to submit their request supervision prior to this September 25. However, the medium indicates that until last week, only half had initiated the proceedings before the CNBV.In that sense, one of the most important aspects of this Bill is that it raises the issue of a license for the creation of digital assets, which shall be required of platforms and services that operate with the currency of national circulation, and allows for the issuance of payments to the internal and external of the country. This has forced the exchange houses of cryptocurrencies to make changes in operations related to the exchange between criptoactivos and weight mexicano.De indeed, the rules issued by the Central Bank of Mexico (Banxico), prohibit the institutions, financial technology (FTT) or credit institutions (CI) offer to the public in general operations with digital assets.
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Changes in exchange houses
The standard allows the exchange houses of cryptocurrencies not regulated can continue to operate, but may not be able to trade criptoactivos against mexican pesos. While the startups that have been regulated will not be able to operate with cryptocurrencies.Emilio Rivero, senior analyst of risk and corporate affairs of the house of the change of cryptocurrencies Bitso, with headquarters in Mexico City, recently pointed out that several of the requirements under this regulation could be costly for some companies.In an interview to the Breaking News, pointed out that the main challenges for companies in Fintech, mexican will be the cost and expertise needed. “The majority of companies that were engaged in operations that are now regulated activities, were people who sought to undertake,” he said.In his judgment, “with the requirements set forth, shall have a corporate governance well-structured, compliance officers, security officers of information, among others. This situation represents an increase in costs that could interfere with the viability of many startups , which in the end are small and medium-sized enterprises.For its part, Jersain Flames Covarrubias, lawyer, specialist in computer science and a member of the Association of Criptotecnologías & Blockchain MX considered that the changes of the internal workings of the houses of change of cryptocurrencies that this situation generates, would not be detrimental to the users.”These variations are intrinsic only affect the way in which they operate companies dealing with cryptocurrencies, but are of no consequence to the users”, he emphasized.The specialist explains that the Law Fintech provides for the granting of two types of authorization to the companies, according to the area in that address: it can be joint financing (crowdfunding) and funds of electronic payment (purses).The first put in contact to people from the general public for the financing through operations, debt, equity, or royalty. The latter will be providing the services of issuance, administration, redemption and transmission of those funds that are counted in an electronic registry of transaction accounts, referred to a monetary value equivalent to a certain amount of money.
The expert highlights that the technology companies that are active will continue to negotiate, provided that they post a notice on their websites stating that they are in the process of authorization request. Meanwhile, those who have not operated with the public, may not start its activities until obtaining the corresponding authorization.With respect to the term of this legal framework and the way that impacts new companies wishing to enter the ecosystem, Rivero and Flames Covarrubias coincided in pointing out that companies that are able to comply with the regulation in Mexico, you will have the ability to offer more reliable services to their users.