Stricter Rules for Cryptocurrency Exchanges in Mexico

The rate at which small and medium-sized enterprises partake in partnerships in recent times indicated the robust future of the digital cryptocurrency. Upon the realization of the growth of cryptocurrency, several security agencies in certain countries such as Japan, South Korea, Thailand, and Switzerland, have expressed latent concern toward possible criminalities that prevail in using the technology.

Although the issue of security is of paramount importance to security agencies, blockchain technology is yet a safer platform for digital currency. Expressing concerns toward the issue of security in using the technology, Mexican State announces stricter rules for cryptocurrency exchanges, according to a report last week .

In the report, Banxico would be responsible to grant permission regarding crypto issuance. To acquire one, companies are required to provide a detailed business plan, charge commissions and mechanism to confirm the identity of the customers. Also, financial insitutitions are not allowed to issue cryptocurrency to users, and are equally required to provide customer identity.

These security measures are expected to prevent money laundering through cryptocurrency utilization. In order for corporations to acquire Banxico compliance, they must have to submit their applications by September 11, according to Criptonoticias.

https://medium.com/bitkub/stricter-rules-for-cryptocurrency-exchanges-in-mexico-93da7f168b73
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