In view of the lack of regulation towards cryptocurrencies in Mexico, some firms, and platforms such as the case of Bitso, have expressed their position on the matter. However, both platforms and experts have mentioned that in the Mexican Fintech Law there are sufficient bases to regulate them.
Víctor Aguirre, founding partner of the legal firm BlackBoxcommented that the Fintech Law has sufficient mechanisms for the authority to supervise the funds of the users of said platforms, in case they are regulated.
“It would be impossible for a case like this to have occurred on a regulated platform in Mexico that complied with the provisions set forth in the Fintech Law. Regulated fintechs do not have insurance protection such as banking, however, they do not have authorization to carry out operations with user funds in the case of Electronic Payment Fund Institutions (IFPE)”Aguirre pointed out.
In this sense, According to the newspaper El Economista, it should be noted that in the second chapter of the Fintech Law, the authority defined the rules for the operation of the IFPEs, and the regulation dictates that the availability of the deposited resources must be ensured.
On the other hand, Aguirre also mentioned that Banxico did not issue a list that includes the cryptocurrencies that would be authorized to be operated by the platforms, in his opinion, a fundamental step to regulate the operation of cryptocurrencies.
“The list of virtual assets with which Mexican fintechs can operate would allow technology companies to request authorization to manage them and therefore they would be subject to the supervision of the National Banking and Securities Commission, with active surveillance, would give certainty in compliance and in a case like that of FTX they would quickly notice it to sanction”Aguirre said.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.