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.
Weekly 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.