Law FINTECH is one of the most controversial topics discussed in the Mexican kriptoekosistema today. Although discussions on the subject began roughly in & # 39; September 2016, a few months after which the market participants entry into force started to feel the consequences, and took a firmer position f & # 39; this regard. These positions will be reaffirmed during the public consultation to secondary provisions on kriptoattivi, projected to become for January or February 2019.
There are various positions assumed by the different actors involved in & # 39; this law. From the side & # 39; financial authorities, appears necessary regulation, still in his weaknesses to be worked out, but broad enough and flexible enough to provide a basis on which to work. Banks still feel suspicious, especially in aspects related to virtual assets. But some, such as HSBC, recognized that this is due to a lack of & # 39; understanding on the issue.
Side crypto, positions are more varied. Although the ecosystem, initially developed among kriptanarkisti, began to take a more moderate and favorable position with regard to regulation, there are still more radical wing insists that regulation is limiting, so they oppose regulation. However, the majority opinion seems to recognize a need for certain basic rules for consumer protection, although not everyone is sure that the law FINTECH is the most favorable.
Although, as an official position, many players try to keep friendly and open opinion about this regulation, behind closed doors, their criticism is more b & # 39; her health. Especially against that provision of Circular 11/2018 of Banco de México (Banxico) to reform the rules Interbank System & # 39; Electronic Payment (SPEI), which provides that transfers made to exchange SPEI a & # 39; it will take days to become effective business, Resulting in & # 39; big delay too much for any marketer and resulted in & # 39; many customers who chose unregulated options and P2P as LocalBitcoins.
Law FINTECH during FINTECH Conference 2018
During FINTECH Conference in 2018, an event organized by the accelerator startup NXTP Labs and recently held in Mexico City, the FINTECH Law had its own space for debate, relying on the views of & # 39; Viviana Salazar Garza, Director of Regulation and Supervision at the Bank of Mexico, the main financial authority of the country; Alfonso Monroy, Legal Director household & # 39; Mexican exchange Bitso; and Eduardo Guraieb, Director General of the Association FINTECH Mexico.
For Monroy, the fact that the Financial Technology Institutions are recognized as financial entities is "quite important change, evolution is the law and the financial system". He also acknowledged the fact that, b & # 39; difference from other countries to modify their laws to include these innovations, in Mexico created a new law to try to cover the whole sector.
Garza added that "still planned to regulate operations with & # 39; virtual assets" and innovative models, which represent a major challenge. This is due to differences between the regulation of & # 39; known figure, which regulates leaving "open the possibility for innovation, and to play as authority challenged to understand this innovation and leave. Give the game to let scheme. "However, he assured that he expects For January or February 2019, the regulations on virtual assets are open to public consultation.
Guraieb said that this law was designed b & # 39; vacuum mode vaguely due to the changing nature of technology to regulate. So in case new innovations arise, m & # 39; We should move from cumbersome legislative process for its modification. But for this same reason, the law contemplates the issue & # 39; secondary provisions addressing more specific cases. Of these secondary provisions, already was the first package & # 39; many coming and still to be worked; for example, section corresponding to virtual assets or kriptoattivi. F & # 39; this regard, he hoped that the next government administration, who will take office this 1 & # 39; in December, will have the same push to enact the remaining provisions.
As for the question about the change of government, Viviana Garza clarified that, At least in the Bank of Mexico and the Ministry of Finance, there will be continuityAlthough a change in the direction of & # 39; that the Secretary, the new representative was part of Baniku and also worked for the law FINTECH, so it is known interlocutor already steeped in the subject. In the only institution with & # 39; jurisdiction over FINTECH sector, there will be an administrative change, says Garza, will be in the National Banking and Securities (CNBV).
Monroy drew attention to the need to join efforts in the Union and promote financial education and awareness of & # 39; this law, one of the biggest challenges in its opinion. One aspect that in his opinion should be disclosed as provided in article eight transitional law, which provides that bodies had already started working before March 2018 may continue to do so, while new ones do not. Because of this, Garza replied that the old bodies can continue to operate but have 12 months to seek authorization, while New enterprises must obtain such authorization before commencing operations.
One of the criticisms made to the Law Guraieb FINTECH, in addition to the requirement of & # 39; geopositioning kriptoattivi for those transferring to financial entities, are the limits imposed on enterprises & # 39; pooled funding, including Initial Offers & # 39; Coins and Offers values of the tokens.