Ley Fintech – Mexico sets legal ground for cryptos

Mexican houses approved the new ‘Ley Fintech’.  Initially proposed to accommodate fintechs, crowdfunding, sandbox regulation, financial data APIs – open banking,  this law sets the grounds for use of crytocurrencies.

Most of the practical effects is still to come, and depends on Central Bank further regulation, and the outcomes from a government body ‘Grupo de Innovación Financiera’ proposals.

Despite the clear reference to Mexican Central Bank authorization, cryptos are defined as ‘virtual assets’, which may be close to securities, but not currencies.