“It is reformed by addition to article 2 of the Monetary Law of the United Mexican States to read as follows: Article 2 Bitcoin (BTC) will be. As the Crypto market grows, many questions arise around its regulations. Legal experts answer these for those investing in Mexico. Cryptocurrency exchanges are legal in the United States and fall under the regulatory scope of the Bank Secrecy Act (BSA). In practice, this means that. HOW TO DAY TRADE FOREX FOR PROFIT

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Many other countries around the world where remittances from abroad play a significant role could look with interest at the example set by the small Central American country. Several countries are considering introducing Bitcoin as a fiat currency Other countries looking at Bitcoin One of the first countries to consider following suit was Paraguay , but so far no final decision has been made.

The Tonga Islands also seemed to be interested, but then a major cataclysm diverted attention. One of the Latin American countries where cryptocurrencies are already more widespread is Brazil , where the possibility of making Bitcoin legal tender has been under discussion for months. Mexico studies Bitcoin as legal tender Against this backdrop, it is fair to imagine that politicians in Mexico are also considering this possibility, although at the moment it still seems a long way from becoming a reality.

In addition, the Financial Intelligence Unit of Mexico FIU has detected 12 crypto exchanges operating in the country without the proper legal permissions, and which are likely to have drug cartels among their clients. So while this means that Bitcoin is indeed increasingly being used in the country, it may also be increasingly seen as a tool that helps criminals.

The senator has now pledged to promote crypto even more now that she is in a very important government position. The senator finally suggested that El Salvadoran president Nayib Bukele could have started a Bitcoin revolution that could potentially reach all countries of the world. She believes that adopting Bitcoin globally will mean a level playing field for people who are excluded in almost all countries. Eduardo Murat, another Mexican Senator, started working quietly on crypto-friendly legislation, shortly after the Salvadoran Assembly passed the Bitcoin law in early July He made this notion known via his Twitter account on the 11th of October Investors in Mexico who use plus and eToro trading bot in trading their cryptocurrencies are rooting for this bitcoin law to pull through in their country.

Article Info Author: Michael Stern Last Updated: 3 March Michael Stern is a calculated risk taker with deep technical insight into digital currency and the development of strategic strategies. Top Brokers Of

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However, the State reserves the right to authorize the use of any of them and to classify the operations that are made as legal or illegal. In the absence of a current law, the Mexican government has only been able to warn of the existence of pyramid schemes and scams but has not yet been able to review any case.

That is to say, Mexico is watching for fraud, but no regulations have been issued to date. Fintech Law, which aims to regulate financial companies with technological platforms, is currently under the Mexican Senate commissions for their final analysis, and it aims to regulate these virtual assets and recognize them as means of payment in electronic transactions.

For the federal government, the risk of not having a regulation was high, and making companies comply with a series of requirements will also make them acquire responsibilities. The Fintech Law contemplates regulating three specific sectors of the industry: collective funding platforms crowdfunding , electronic payments, and virtual assets crypto currencies and tokens.

Mexico has a lot to gain with the approval of the Fintech Law and the mainstream adoption of cryptocurrencies. The transparency that comes with cryptocurrency transactions will fix this problem. Fortunately, the Fintech Law, although it is not perfect, does not fall into the excess of being a straitjacket for innovation. Instead it gives greater certainty and security to both companies and users, that they are participating in a market that is not only legitimate, but also legal. Exchanges and providers do not fear regulation, they welcome it.

What they fear is uncertainty and over regulation The best thing is that this law will attract more users who previously felt distrust of this type of technology companies, and now they will have the certainty that they are entering a legalized market with clear rules, which will make them feel calmer and above all , more secure.

Another driver is that Mexico is a great country to start a tech business. Kempis has now mentioned in an interview with El Salvador via an English publication, that she intends to introduce her proposal to the Mexican Congress this year. The interview which took place last week saw Kempis vehemently implying the usefulness of the cryptocurrency. She stated that the adoption of Bitcoin presents not just a more global financial inclusion prospect, but also a possibility of increased GDP.

Since then, she has been actively promoting the Crypto industry, joining the laser eyes movement in July The incisive Senator went further to state that the adoption of Bitcoin is a historic opportunity for countries all over the world to tackle issues like inequality and achieve financial wellness. She has been involved in cryptocurrency for several years and has dutifully surrounded herself with a community of crypto entrepreneurs, developers and enthusiasts. The senator has now pledged to promote crypto even more now that she is in a very important government position.

The senator finally suggested that El Salvadoran president Nayib Bukele could have started a Bitcoin revolution that could potentially reach all countries of the world.

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