Mexico approved bill to regulate fintech sector

Mexico could be among the first countries to regulate cryptocurrency and ICO
06 December 2017   978

Mexico’s Senate on Tuesday approved a bill that would regulate financial technology sector, including ICOs and cryptocurrency firms, setting the stage for a vote by the lower house and it is expected to pass in a final vote by December 15.

The bill aims to set out clear rules and reduce costs to users. That should drive competition in a sector that includes crowd-funders and payment firms.

The central bank will be tasked to propose measures to regulate firms operating with cryptocurrencies. Financial services firms see potential growth in the second largest Latin America’s economy by reaching the more than 50 percent of Mexico’s roughly 120 million citizens without bank accounts.

Now, Mexico is facing the growing demand for bitcoin.

Mexico's volumeWeekly LocalBitcoins Volume (Mexican Peso)

That bill, if enacted, would allow Mexico to join a list of countries, including the United States and Britain, that have sought to regulate fintech firms.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   273

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.