The Bank of Mexico (Banxico), published in the official Gazette of the government General provisions on the operations with electronic payment instruments is reported that all related to cryptocurrency exchanges and banks are required to obtain from the financial regulator a special permit for implementation of activities in this industry.

For this, the companies have been given two days to submit for consideration by Banxico of documents, including a detailed business plan, a description of the activities of institutions and methods mandatory verification of user identity and information about relevant fees. Those who do not have time to prepare and submit such documentation will provide a chance to submit it in March 2019, when the country expect the introduction of new rules relating to the FINTECH sector.

However, Banxico has imposed a ban on the provision of access to cryptocurrency transactions to individuals who opened accounts on the same day, and ordered that all the assets acquired by cryptobinary were subjected to further testing. It is expected that such measures will contribute to the prevention of the laundering of money obtained illegally, as well as other illegal actions using the cryptocurrency.

We will remind that in March the lower chamber of the Mexican Congress approved a bill to regulate the fast-growing financial technology sector, including provisions on crowdfunding and cryptocurrency transactions. But the Mexican company Amar Hidroponia previously released a cryptocurrency secured by the spicy habanero.