Mexico: Central Bank Launches Consultations on Regulatory Framework for Credit Institutions and Fintechs Engaged in Virtual Assets Activities

On March 11, 2019, the Bank of Mexico (Banxico) launched a 60-day long public consultation (consultation 1) on the general provisions applicable to credit institutions and financial technology institutions (fintechs) on transactions carried out with virtual assets.

Banxico considers it important that a healthy distance be maintained between virtual assets and the financial system given the risks that operations with these could entail for users; however, the authority recognises at the same time that the use of innovative technologies by fintechs and credit institutions could bring about benefits in efficiency and functionality, provided such use will not lead to an increase in financial or operational risks and will not end up affecting the final consumer.  

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