Mexico To Introduce FinTech Regulation Bill

FinTech, Innovation, News | September 19, 2017 By:

Mexico has plans to regulate its growing FinTech companies and has introduced a bill in its legislature proposing new laws to govern them.

The bill is expected to be formally unveiled this week in the country’s Senate. Its backers claim it seeks to ensure financial stability and particularly guard against money-laundering and terrorism.

“This (legislation) recognizes the need that a sector as dynamic as that of technological innovation needs a regulatory framework that allows authorities to mitigate risks and allow for growth in a competitive environment,” the bill draft says, per Reuters. The bill’s initial language also indicates bitcoin regulations may be implemented, although details are vague on how decentralized currency will be managed.

Mexico’s citizens are largely unbanked, with more than half without bank accounts in a population of 120 million.