Mexico approved bill to regulate fintech sector

Mexico could be among the first countries to regulate cryptocurrency and ICO
06 December 2017   1236

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.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   105

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.