FinTech Law is one of the most controversial current disputes for Mexican cryptography. Although controversial issues began in September 2016, market participants did not think about it after a few months began to feel the consequences. These positions will be confirmed in the public consultation of the secondary provisions of cryptography, Project to be held in January or February 2019.
There are many different positions that many actors involved in this law have. Aside from financial authorities, it is the necessary regulation, which still has to be worked out, but it is sufficiently broad and flexible enough to provide the basis for work. Banks remain suspect, especially in the areas related to virtual assets. However, some, like HSBC, have acknowledged that this is lacking in the subject matter.
On the one hand Cryptography, positions are even more. Although the ecosystem, which has been initially developed among cryptanarchists, has, despite regulation, still more moderate and supportive measures, it is still a more radical rule, which regulates this by no means and therefore regulates it. However, most opinions seem to point to the basic rules of consumer protection, but no one claims that FinTech Law is the best.
Although as an official attitude, many actors try to keep a positive and open opinion about this regulation, but they close and criticize the doors. Especially according to the Bank of Mexico (Banxico) Circular 11/2018, which reforms the Electronic Bank Electronic Payment System (SPEI), which offers exchanges for a Cryptography Exchange through SPEI day business becomes effective, because it causes great delays for traders and many customers choose regulated options and P2P LocalBitcoins.
FinTech Law 2018 at the FinTech Conference
FinTech Conference in 2018, an event organized by the startup accelerator NXTP Labs and recently held in Mexico City, FinTech Law was a forum for debate, according to the views Viviana Garza Salazar, The Mexican Banking Regulation and Supervisory Director, the country's financial authority; Alfonso Monroy, Legal Director of Mexico for Bitso Mexican Exchange; and Eduardo Guraieb, Managing Director of the Mexican FinTech Association.
For Monroy, the Financial Technology Institute of the financial institutions acknowledges "a change is quite important, the evolution of the laws and the financial system." He also admitted that, as opposed to other countries that change their laws, it has been created a new law that tries to cover the entire sector in Mexico.
Garza expects "regulating transactions with virtual assets yet" and the innovative model is a huge challenge. In this way, the differences that govern a known figure allow "to open innovation to innovation" and "respond to this innovation and respond to the challenge". Allow game scheme to allow. "However, he hoped he expected From January to February 2019, the virtual assets rules are open to public consultation.
Guraben said that this law was necessarily modified by changing the nature of the technology that regulates it. Therefore, if we do not generate new innovations, we will not change them through a heavy legislative process. But for the same reason, the law issues secondary provisions aimed at more specific cases. Apart from secondary provisions, already several packages have already been and still have to work; For example, The parts corresponding to virtual or cryptographic assets. In this sense, the government of the next administration, that is to say, on December 1, expects the rest of the provisions.
Regarding the change in government, Viviana Garza clarified, At least in the Mexican Bank and the Ministry of Finance, it will be monitored: Although it was changed to the direction of the secretary, the new delegation was part of Banxico and worked for the law firm FinTech, so it is a popular acquaintance on the subject. The sole legal institution in the FinTech sector will be an administrative change, says Garza, National Bank and National Securities Commission (CNBV).
Monroy focused on unifying efforts for unity and promoting basic education and knowledge of this law, one of the most challenging challenges. One of the aspects that should be considered by the Eighth Article of the Transitional Provisional Court, guarantees that the organizations that were launched before March 2018 still do not guarantee that others do not. For this reason, Garza replied that the old organization should work, but would have a 12-month period to request authorization New businesses must obtain authorization before they can work.
Criticism of Gurabek FinTech Law, as well as the geolocation conditions that transfer cryptic entities to finance corporations, are the limitations on collective financing companies, including the initial offers and offers of the Monetary Token of the Monetary Fund.