Mexico is soon rolling out its new legislation to regulate its fast-paced financial technology sector, which includes firms that use cryptocurrencies like Bitcoin. Mexico is launching the bill in a bid to protect its customers and ensure financial stability and protection against money laundering and financing of extremists.
Mexico joins the list of countries, like the UK and the US who have not only regulated cryptocurrencies but also fintech companies. The financial companies are in hopes of cracking a huge budding market in the country where more than half of the 120 million population does not hold bank accounts.
The bill will introduce a new set of rules related to fintech companies which will reduce the cost and bring competition in crowdfunding sector and payment firms. The bill further mentioned of regulating businesses that work with digital currencies like Bitcoin.
Mexico is untouched market worldwide, especially in the Latin America.