Lawmakers in Mexico have reportedly passed a bill that aims to regulate fintech within the country.
The new regulations include provisions to regulate the trade and sale of cryptocurrencies, although the details are still unknown. What we do know is that the bill will enforce that, within Mexico, cryptocurrencies are not a currency and will instead be treated as a commodity.
Additionally, the bill aims to bring certainty on the status of cryptocurrency and prevent use of the tech in illicit activities such as money-laundering.
The bill is drafted in general terms, giving lawmakers flexibility to change the bill as it moves through Mexico’s government.