The formidable legislative proposal, promoted by Deputy Jesus Sesma, arrived yesterday on the Union Congress with a promise to convey order and safety to a booming market. Mexican Inexperienced Ecology Occasion (PVEM) legislators have the first goal of preventing cash laundering and to higher shield tens of millions of Bitcoin customers (BTC) and different digital belongings in Latin America.
Sesma Suarez with Deputy Elbia Galil Estrada and group of knowledgeable advisors He emphasised the urgency to supply Mexico with a transparent authorized framework for cryptocurrency. This takes into consideration that the nation is ranked 14th in adoption of digital belongings worldwide and is the primary place in Latin America.
The mission envisages reforms to 4 primary legal guidelines, together with inventory markets, rules to control the Monetary Expertise Establishments (FinTech Act), rules by the Nationwide Financial institution Securities Fee, and legal guidelines by the Financial institution of Mexico. This formidable normative restructuring Mexican territory operates with out particular rules, so it meets “wants” And strictly as SEMA identified at a press convention on the Mexico Metropolis Parliament.
In line with lawmakers, this lack of a transparent authorized framework created fertile land for fraud, pyramid schemes, and using cryptocurrency in unlawful actions, together with cash laundering by residents, companies and even organized crime.
“We all know the advantages of cryptocurrency, offering fast transactions, low committees, and entry to monetary providers with out intermediaries. However with out rules, we’re not sure to regulate the origins of customers or cash.”
Deputy Jesus Sessma of Mexico.
“Mexico can’t ignore international phenomenon.”
The aide emphasizes that the nation can’t afford to disregard it earlier than a world phenomenon the place round 4 million individuals have invested in Mexican cryptocurrencies, the place these belongings are already within the regulatory frameworks in 62 of 119 international locations the place they’re authorized, highlighting the loopy market (MICAR) by highlighting European Union instances.
On his half, initiative adviser Johnny de Jess Lopez defined that cryptocurrency expertise offers traceability, however the relative anonymity of a specific transaction could make it tough to determine stakeholders. “Regulars should not banned, particularly in rural areas the place conventional banks don’t arrive, to provide certainty and encourage monetary inclusion,” he mentioned.
The initiative additionally goals to fight the distrust of residents Promotion of monetary trainingso Mexicans perceive each the dangers and advantages of investing in these digital belongings.
Mexico’s enchantment to the Bitcoin ecosystem and cryptocurrency is partly on account of its accessibility and the important thing movement of remittances from the US that benefit from its digital asset transactions.
Rules in Mexico’s Bitcoin ecosystem face quite a lot of obstacles. Up to now, senators equivalent to Indira Kempis have made their statements. Must grant authorized standing to Bitcoincreate a regulatory framework for the market. Nevertheless, the proposal later misplaced legislative energy and stagnated on the committee, which did not obtain the consensus wanted to maneuver in the direction of the polls on the plenary session.
The brand new legislative proposal is presently scheduled to be mentioned throughout a rare parliamentary interval in June.e tries to carry a parliament with knowledgeable participation Representatives of the monetary sector to counterpoint and enhance reforms.
“We hope that Mexico will turn into the flag of Latin America, care for its customers and make sure that cash is of authorized origin,” Deputy Sethma concluded.
