The lower chamber of the Mexican Congress approved a bill on regulating the fast-growing sector of financial technologies, including also the cryptocurrency industry and crowdfunding. This is written by Reuters.
The bill is aimed at strengthening financial stability and preventing money laundering. In December, he was approved by the Senate of Mexico and is now waiting for the President’s signature. Before these regulators, however, it is necessary to draw up additional laws that determine the key rules for companies in this sector.
Among other things, the adopted bill promises to fintech companies greater regulatory confidence in such issues as crowdfunding, payment methods and rules for the circulation of bitcoin and other cryptocurrencies.
Also, open banking will be allowed – the exchange of user information between financial institutions through public APIs. This will allow small and medium-sized banks and start-ups, with the consent of the user, to obtain such information from larger banks.
“Open banking recognizes that information held by financial institutions is the property of the user, not of the institution, and that it can be transferred by other financial intermediaries. This will improve the quality of services provided, reduce prices and cover more people with banking services, “said Francisco Mere, president of the Fintech Mexico Association.
Supporters of the new law also note that it will allow new players to compete with traditional banks and lead to better financial services.
Further details of the law in the coming months will be finalized by the National Commission on Banks and Securities (CNBV), the Central Bank of Mexico and the Ministry of Finance of the country.