The head of the CNBV considers that the regulation of cryptocurrencies in Mexico is good. CNBV officials say that they are closely monitoring the stablecoin issue.
The Mexican regulatory authorities still view the adoption of Bitcoin (BTC) and other cryptocurrencies with suspicion.
The president of the National Banking and Securities Commission (CNBV) of Mexico, Juan Pablo Graf, recently made a statement in that regard. The official confirmed that the banks in that Spanish-American country could not operate with crypto assets.
Graf said that the FinTech Law regulates cryptocurrencies well, and he believes there will be no changes.
The FinTech Law establishes that financial intermediaries may operate with cryptocurrencies as determined by the Bank of Mexico. However, they have not decided anything, so clients cannot buy or sell virtual assets.
According to the head of the CNBV, the FinTech Law of Mexico contemplates regulating FinTech platforms and cryptocurrency exchanges. It states that those financial intermediaries must register, comply with some regulations, and report some operations to the Financial Intelligence Unit (FIU).
The President of the CNBV Criticizes the Adoption of Bitcoin as Legal Tender
Graf said that Mexico has not come forward to approve transactions with those assets as in other countries. Although the executive did not specify that he was referring to El Salvador, he has caused a stir over the adoption of Bitcoin as legal tender.
Mexican regulatory agencies have warned that some regulations prohibit financial institutions from operating cryptocurrencies. The Bank of Mexico (Banxico) banned such transactions in June.
The Mexican authorities have had to clarify the matter after the statements of Ricardo Salinas Pliego, president of that financial institution. He had stated that they were working to bridge the gap between their clients and cryptocurrencies.
The CNBV Considers It Necessary to Closely Monitor Stablecoins
Graf also spoke about those cryptocurrencies with a value pegged to an external asset, such as national fiat currencies and precious minerals. In that sense, he said that the Mexican regulatory agency needs to monitor those assets closely.
Stablecoins are very similar to the assets with little market risk in payment FinTechs since they support money well. That also happens in the electronic payments segment, according to the president of the CNBV.
Exchanges in Mexico Must Report on their Operations
The National Banking and Securities Commission of Mexico addressed a notice to providers of services with cryptocurrencies. That warning was about their obligation to present reports on some operations.
A few weeks ago, the Government of Mexico sent a message to businesses that operate with virtual assets. It told them that they had to give information about some transactions. The reminder also included exchanges for Bitcoin and other cryptocurrencies.
The CNBV establishes that they have to report on operations above USD 87,000. That is mandatory even if the technological infrastructure used by those platforms is in the jurisdiction of another country. The same applies to companies incorporated abroad that offer the possibility of making transactions for similar amounts.
By Alexander Salazar
