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UPVOTE FOR VISIBILITY: Mexico's Central Bank forbids the operation of crypto-currency exchanges in order to "protect the general public" from volatility

UPVOTE FOR VISIBILITY: Mexico's Central Bank forbids the operation of crypto-currency exchanges in order to "protect the general public" from volatility

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Local news coverage: https://www.eleconomista.com.mx/economia/Banxico-mete-freno-al-uso-de-activos-virtuales-20190310-0052.html

Link to local regulation published on 8-Mar-2019: http://dof.gob.mx/nota_detalle.php?codigo=5552303&fecha=08/03/2019

For people saying this is a FUD article, let me share an excerpt from the law (excuse the rough Google translation):

  • "The Institutions, in the realization of the Transactions with Virtual Assets, must at all times prevent the risk of said Transactions with Virtual Assets being transmitted, directly or indirectly, to the Clients of said Institution."

  • "[Institutions] will not be eligible for obtaining the authorization... to operate Transactions with virtual assets in which the Institutions intend to directly provide their Clients with virtual assets exchange, transmission or custody services."

  • "...the requesting institution must establish the measures it intends to establish to prevent the transmission of the risk, directly or indirectly, of said Transactions with Virtual Assets to the Clients of the respective Institution."

EDIT: updated regulation link, and some excerpts.

submitted by /u/Moriloqui
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