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Mexican State Bank Announces Stricter Rules for Crypto Exchanges

Mexican banks that provide crypto services and crypto exchanges must now apply for permits with the Bank of Mexico in order to legally carry out their operations. All crypto exchanges and banks providing crypto services in Mexico will now be obliged to receive a permit from the Bank of Mexico (Banxico), according to a September 10 circular published in the official daily of the Mexican government, the Diario Oficial de la Federacion. The letter called "General provisions on operations related to electronic payment funds" states that Banxico is responsible for issuing crypto-related permits. To get one, a company dealing in digital currencies must provide a detailed business plan complete with a description of their operations, the commissions they plan to charge, and the mechanism they will use to verify customer identity. Additionally, banks are not permitted to make cryptocurrencies available to users if their accounts were created on the same day. Financial entities are also oblige..
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