Mexican Legislation May Impart Regulations To Cryptocurrencies

Reports have surfaced that on September 20, 2017, a piece of regulatory legislation on cryptocurrencies will be introduced before the Mexican Senate.

According to President of Mexico, Enrique Peña Nieto, the legislation would attempt to establish financial stability and guard against illegal activities with anti-money-laundering measures. As per the report, the bill's language states that the legislation "recognizes the need that a sector as dynamic as that of technological innovation needs a regulatory framework that allows authorities to mitigate risks and allow for growth in a competitive environment." The bill will also attempt to ensure rules surrounding the technology are straightforward and understandable, while reducing participant costs in an effort to drive a competitive marketplace.

The bill will first have to be scrutinized by an independent commission before Senate approval is sought. Should the bill make it that far, secondary legislation will be necessary to fine-tune the regulatory details. Luis Rubén Chávez, the founder of Mexican crowdfunding company Yotepresto, expressed optimism regarding the regulation of cryptocurrency in Mexico. "The regulation is good news for all companies in this sector because ... growth will be greater with clear rules."

ETHNews will continue to provide coverage of the regulatory efforts of Mexican officials as new information comes forth.