🇲🇽 Mexican state bank announces new crypto rules

New rules issued by the Mexican government will require exchanges and banks offering crypto services to receive a permit from the Bank of Mexico (Banxico). To get one, a company dealing in cryptocurrencies must provide a detailed business plan complete with a description of their operations, the commissions they plan to charge, and the mechanism they will use to verify customer identity. Additionally, banks are not permitted to make cryptocurrencies available to users if their accounts were created on the same day. Financial entities are also obliged to identify all customers involved in cryptocurrency trading. Furthermore, any assets acquired by crypto beneficiaries have to go through additional validation checks.

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