Mexican Exchanges to Critisize New Regulation

Industry representatives have already called it a disaster for the country's economy as a whole
18 March 2019   347

At the end of last week, the Bank of Mexico published the details of a new legal framework for cryptocurrency regulation. Industry representatives have already called it catastrophic, not only for their business, but also for the country's economy as a whole, writes.

Since the circular seems to have been written in a rush and without careful analysis and basic competence, it leaves to the interpretation of certain important things.. Mexico is the endpoint to the biggest remittance corridor in the world (second largest population of migrants), the 6th most visited country by tourists and [is the] country with the largest number of free trade agreements. [Therefore, the country] has a lot to gain from the industrial application of virtual assets (activos virtuales) to facilitate free trade, tourism and financial inclusion. The impact goes beyond the crypto industry. I believe it damages the economy as a whole.

Acosta Checa

CEO, Isbit 

Isbit has already switched to working with corporate clients. If the exchange wants to continue to serve the public interest, then it will have to protest the new rules, Checa noted. Volabit CEO explained that these requirements apply only to regulated fintech companies, which are not yet available in Mexico, since the procedure for registering such companies does not exist. Unregistered exchanges can continue to serve customers until September of this year.

Essentially stipulated that they wouldn’t authorize any cryptocurrency to be offered by regulated financial companies.

Tomas Alvarez
CEO, Volabit

Bitso - another Mexican exchange - in its blog said that the new requirements will not cause a full stop of its operating activities, but can significantly slow down the development of the industry.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   171

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.