Mexico’s Regulations to Become Law in Weeks

An exchange’s director of operations informed about new regulations in Mexico to become law within weeks
23 February 2018   753

According to the interview with the exchange’s director of operations, Daniel Luévano, Mexico’s Chamber of Deputies will soon vote on the bill to regulate the country’s fintech institutions including cryptocurrency exchanges, which the Senate has already approved.

Daniel Luévano said that cryptocurrencies will not be legal tender. Despite this fact, Financial Technology Institutions will be allowed to operate with them. He also stated that it will be legal to use any crypto to pay for goods and services.

According to the bill, the most significant changes in Mexican crypto ecosystem: Financial institutions will be able to operate with virtual assets, but also, they are allowed to invest in ITFs. ITFs will be constantly audited; everything must be transparent to regulators and consumers.

The Bank of Mexico will keep new technologies and strengthen the Mexican financial ecosystem because it doesn’t want to lose control of things they still don’t understand. The Bank will decide which crypto can be operated in the Mexican territory.

Daniel Luévano stated that crypto exchanges will need to get a license. More than that The Bank of Mexico will decide which cryptocurrencies are allowed to be listed on the exchanges.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   82

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.