Mexico seeks financial and regulatory solutions

nnThe Government of Mexico has announced that it will enact clear regulations to manage the development of financial technology companies to avoid the emergence of illegal investments and protect national security and civil rights. The move is also widely supported in the Mexican investment industry and is believed to further promote the development of financial technology in Mexico and create a bright future for the sector.n
nTranslated by: Inan
Reuters reported on September 19 that Mexican officials have announced that they will enact a statute to regulate the country’s growing financial technology industry. The proposed bill will enable government agencies to balance risk and create competition in growing new markets. Although there has not yet been an independent committee, but reported that the Mexican central bank will be responsible for overseeing the project.n
Mexican President Enrique Pena Nieto also confirmed that the proposed bill will be announced on September 20 in the Senate. On this issue, Pena Nieto is most concerned with protecting the country from “encroaching on the behavior of extremists” and ensuring “financial stability”. The president’s report was welcomed by companies that focused on raising and paying. Luis Ruben Chavez, founder of Mexican company’s Yotepresto, said:n
n”Regulatory is good news for all businesses in this area, because there are clear rules to achieve stronger growth.”n
To stimulate the huge market potentialn
Mexican technology boom began in 2012, so far no signs of cooling. Ruben Chavez also pointed out that Mexico “has less than 50 technology companies in 2015 and 158 in 2016. There are more than 240 this year.” The proposed bill will only promote this growth.n
Some Silicon Valley technology companies with a scalable business model and transformation technology into a relatively new market. The actions of Gerardo Obregon, Marc Segura, and members of PayClip (Adolfo Babatz) and Kueski (Adalberto Flores) all suggest that financial technology is in a brighter future in Mexico.n
This will also benefit the large number of Mexican citizens who can not access financial institutions. Reuters noted that the proposed bill would have a positive impact on “more than 50% of citizens without bank accounts in Mexico (about 120 million people).”n
Supervise the sandboxn
The bill will also make Mexico, like other forward-looking countries, face the same situation in regulation. For example, the United Arab Emirates, the United Kingdom, Singapore, the Netherlands, Malaysia, Australia, Canada and Hong Kong are seeking their own solutions for this growing economy.n
Every country must clarify its own regulatory regulations, and Mexican President Pena Nieto’s statement shows that Mexico intends to provide clear rules for financial technology and Bitcoin-related companies.n

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