Banco de México will open a public consultation on criptoactive laws in February Christian


The Law FinTech is one of the most controversial and controversial topics in a Mexican cryptoecosystem today. Although the discussions began on the subject already in September 2016, it was only a few months after it came to fruition that its market partners started to; feeling of impact; They have a stronger role in this regard. These posts will be reinforced through the public consultation for the secondary provisions on cryptoactives, which is expected to be scheduled for January or February 2019.

There are several posts included by the different actors involved in this law. From the perspective of the financial authorities, it seems that it is essential in the management, still with the deficiencies that must be worked, but sufficiently sufficiently flexible and sufficient to provide a basis for work. Banks are still suspicious, especially in the area that is related to real estate. But some, like HSBC, have acknowledged that this is due to a lack of understanding of their case.

From side finished the roles are even more different. Although the eagle-system, originally developed among the Christians, has begun to take more intermediate and favorable roles in terms of regulation, it still has a more radical shield that continues to -mach management is Restrict, that is why they are against a rule. However, it seems that most people believe that there is a particular need for basic rules for consumer protection, although not everyone is sure that the FinTech law is best.

Although, as an official situation, many of the actors will try to make friendly and open ideas about this regulation, behind closed doors their criticism is stronger. In particular against this provision of the 11/2018 Newsletter of Banco de México (Banxico) that will reform the Interbank Electronic Pay System (SPEI) rules, which provides the Such changes have been made from the SPEI to the exchange of houses of cryptoactive It will take a business day to be effective, which means a severe depression for any buyer and as a result many customers have their customers; Choosing pre-managed options and P2P as LocalBitcoins.

The FinTech Law at the FinTech 2018 Conference

During the FinTech 2018 Conference, an event organized by the first editor NXTP Labs and recently held in the Mexican City, LawTech Law's place was for discussion, counting on the vision Viviana Garza Salazar, Managing Director and Management at the Mexican Bank, the country's leading financial authority; Alfonso Monroy, Legal Director of the Mexican exchange house Bitso; and Eduardo Guraieb, General Director of the FinTech Media Society.

For Monroy, what Finance Financial Institutions known as financial units "is a very important change, is the development of the law and the financial system". He also acknowledged that, as opposed to other countries that change their laws to incorporate these strategies, in Mexico a new law was created which attempts to cover to the entire division.

Garza said "he is still planning to manage control with real estate" and innovative, challenging models. This is due to the differences between the control of a recognized number, and its # 39; leaving control "to open innovation abilities, and to challenge the authority to understand and allow this invention to be granted. Play a game scheme for approval." However, he ensured that he expected for January or February 2019, the rules on a genuine resource are open to public consultation.

Guraieb said that this law had its words strictly due to the nature of the change in the technology it manages. So, if new issues emerge, we should not go through a difficult legislative process for its modification. However, for the same reason, the law considers the publication of secondary provisions that will; deal with more specific issues. Out of those secondary arrangements, the first package is already up and there is still a need to work on it; for example, The section that belongs to a financing or cryptoactive fund. In this regard, it is hoped that the next government administration, which will be postponed on December 1, will be the same as that; learn the remaining provisions.

Regarding the question of government change, Viviana Garza clarified, At least in the Mexican Bank and in the Ministry of Finance, there will be continuity: Although there was a change in the direction of this Secretary, the new producer was part of Banxico and he also worked for the FinTech law, and so he will be an already known correspondent in the & # 39; subject. In the same center with the sovereignty of the FinTech department, there will be administrative change, saying Garza, it will be in the National Banking Agency and Authorities (CNBV).

Monroy took into account the need to participate in the union and his / her. encouraging financial education and knowledge of this law, was one of the biggest challenges it felt. One of the things that should be a look as provided in the eighth remote article of the law, which provides that emails already worked by March 2018 could be # 39 ; going to do, though there are no new ones. Because of this, Garza replied that the old groups could only work for 12 months to request a request, while & # 39; they are New initiatives must be obtained by this authority before they start working.

One of the complaints made by Guraieb to Law FinTech, in addition to the geological requirement for those who move cryptoactives into financial units, limits its contribution to joint funding initiatives, including the Commencement Towards of Money and the Values ​​Signal Proceedings.

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