2 years ago
175 Mexico recently issued a warning to all cryptocurrency companies that operate in the country, be they local firms or international ones that branched out. The companies are invited to report operations that sometimes involve, concern, or are performed on the territory of Mexico.
According to the notice, all such operations and maneuvers must be reported prior to September 17th, giving these firms a little over a month to comply.
The notice also added that crypto companies should report all transactions that include over $87,000. The obligation already exists in section VI of article 18 of the Federal Law for Prevention and Identification of Operations with Resources of Illicit Origin.
Essentially, the section says that all those who carry out Vulnerable Activities must present notices regarding the acts of operations they carry out. The ruling is targeting any cryptocurrency-related company that offers custody and trading services, although not companies that act as financial entities.
According to the digital asset definition, the authorities stressed that a virtual asset will be considered any representation of value that is registered electronically and used among the public as a payment method. This includes all types of legal acts whose transfers can be performed through electronic means.
Mexico takes the next step to regulate crypto
The reminder comes at a time when the crypto industry is receiving greater regulatory attention than ever before. This particular request, particularly, is in line with the FATF guidelines. The entity, known as the Financial Action Task Force, had placed the country among the most-highly reputable ones when it comes to crypto regulations.
FATF even pointed out a few months back that the country has been performing excellently when it comes to achieving its goal of being regulatory compliant, at least, when it comes to crypto. It was already rather strict about enforcing of KYC procedures, and now, it continues to push firms to be transparent and law-abiding.
