Bank of Mexico's new financial technology law strictly prohibits cryptocurrency

A new financial technology law enacted by the Bank of Mexico (Banxico) conflicts with the accelerated growth of financial technology activities in the country. The latest version of the Act prohibits financial technicians from trading, transmitting and holding encrypted assets. Josu San Martin, former Mexican finance minister and former director of Fintech Mexico, said the legal requirements were too high, especially for cryptocurrencies, so that exchanges could not operate under Mexican law. Despite this, bitcoin adoption has not slowed down. BITSO, Mexico's largest bitcoin exchange, became the first exchange to receive a license to operate in the country and currently works with nearly 700,000 bitcoin customers.