The company NVIO, a subsidiary of the house of the change of cryptocurrencies mexican Bitso, became the last 22 of January in the first financial entity that obtains permission from the comision Nacional Bancaria y de valores (CNBV) to provide services in Mexico as an institution of Funds-Payment under the supervision of the Law Regulating Institutions of Financial Technology Act (Fintech). This company was one of the 85 who presented the requirements to register legally. The deadline for registration expired on September 26, 2019.The CNBV announced, in the Official Journal of the Federation, which granted the authorisation to operate in Mexico to NVIO payments Mexico, a company that complied with the legal requirements, financial and operational requirements in the framework of the implementation of the Law on Fintech. The document adds that the company must begin its operations authorized within six months after the date of publication (January 22, 2020), or the CNBV may revoke the license.NVIO Payments Mexico, also must demonstrate to the CNBV, at least in the next 30 business days prior to begin their operations, that is duly constituted as a legal entity in mexico, which complies with the minimum capital requirements. Also, you must prove that it has a board of directors, composition of directors and the required technological infrastructure, adequate internal controls, as well as all policies and manuals required by the legislation in Fintech.The authorization allows the startup issue, market or manage funds of electronic payment, to provide services for the transmission of money from Mexico and abroad, to obtain loans and credits from third parties, issuing securities for their own account as actions, parties and social obligations, in addition to to receive or deliver quantities of cash to their customers, among others. The CNBV, along with the Banco de México and Condusef, the institution that will oversee the enforcement of the Law, Fintech, and is also responsible for imposing fines if you break the law.
“The institution (NVIO payments Mexico) will be subject to the supervision of the National Banking Commission and Securities and the Bank of Mexico, in the exercise of their respective powers, as well as, other financial authorities competent in the terms that the laws have.”Authorization of the CNBV.
The Law to Regulate the Institutions, Financial Technology, known as Law Fintech, which entered into force in march last year in Mexico. The legal instrument includes not only the homes of the change of cryptocurrencies, but companies of joint financing, funds, payments and remittances, and even banks.
The plan of Bitso
The margin of the request to enter the regulatory framework, the exchange houses of cryptocurrencies have been seen in the obligation to modify their operational processes. Otherwise, they ran the risk of not being in line with the legal framework in force in the mexican territory.The average mexican The Economist found evidence that the company NVIO is a subsidiary of the house of the change of cryptocurrencies Bitso. Although, Breaking News has not received a response to a request for comment about the registration of a branch corresponds with a plan that the company is structured to adapt its operations to the requirements of the Law Fintech.An interview by Emilio Rivero, senior analyst of risk and corporate affairs of the company, explained to Breaking News last September that Bitso is adapted to the regulation separating its operations into two parts, that is to say, while using mexican pesos, customers will continue using existing services such as the Interbank Electronic Payments System (SPEI), funding in cash or Bitso Transfer. These services will remain under the operational oversight of the reason social Bitso SAPI de CV, which is regulated by the Law Regulating Institutions of Financial Technology, better known as the Law of FinTech Mexico.On the other hand, Rivero, explained that in regard to interactions with criptoactivos, all the activities of Bitso, including custody, delivery, withdrawal and trading of cryptocurrencies, were migrated to a jurisdiction outside of Mexico. Since the first of August of this year, those operations are under a framework that was developed specifically to regulate the business in the sector of the cryptocurrencies of the Financial Services Commission of Gibraltar (GFSC, for its acronym in English).These movements form part of the strategy of Bitso to adapt to the rules issued by the Central Bank of Mexico (Banxico), which prohibit the ITF or of credit institutions (CI) which provide the general public operations with digital assets (cryptocurrencies).