The ambitious legislative proposal, promoted by Deputy Jesus Sesma, arrived yesterday at the Union Congress with a promise to bring order and security to a booming market. Mexican Green Ecology Party (PVEM) legislators have the primary purpose of fighting money laundering and to better protect millions of Bitcoin users (BTC) and other digital assets in Latin America.
Sesma Suarez with Deputy Elbia Galil Estrada and team of expert advisors He emphasized the urgency to provide Mexico with a clear legal framework for cryptocurrency. This takes into account that the country is ranked 14th in adoption of digital assets worldwide and is the first place in Latin America.
The project envisages reforms to four basic laws, including stock markets, regulations to regulate the Financial Technology Institutions (FinTech Act), regulations by the National Bank Securities Commission, and laws by the Bank of Mexico. This ambitious normative restructuring Mexican territory operates without specific regulations, so it meets “needs” And strictly as SEMA pointed out at a press conference at the Mexico City Parliament.
According to lawmakers, this lack of a clear legal framework created fertile land for fraud, pyramid schemes, and the use of cryptocurrency in illegal activities, including money laundering by citizens, businesses and even organized crime.
“We know the benefits of cryptocurrency, providing quick transactions, low committees, and access to financial services without intermediaries. But without regulations, we are not certain to control the origins of users or money.”
Deputy Jesus Sessma of Mexico.
“Mexico cannot ignore global phenomenon.”
The aide emphasizes that the country cannot afford to ignore it before a global phenomenon where around 4 million people have invested in Mexican cryptocurrencies, where these assets are already in the regulatory frameworks in 62 of 119 countries where they are legal, highlighting the crazy market (MICAR) by highlighting European Union cases.
On his part, initiative adviser Johnny de Jess Lopez explained that cryptocurrency technology provides traceability, but the relative anonymity of a particular transaction can make it difficult to identify stakeholders. “Regulars are not banned, especially in rural areas where traditional banks do not arrive, to give certainty and encourage financial inclusion,” he said.
The initiative also aims to combat the mistrust of citizens Promotion of financial educationso Mexicans understand both the risks and benefits of investing in these digital assets.
Mexico’s appeal to the Bitcoin ecosystem and cryptocurrency is partly due to its accessibility and the key flow of remittances from the US that take advantage of its digital asset transactions.
Regulations in Mexico’s Bitcoin ecosystem face a variety of obstacles. In the past, senators such as Indira Kempis have made their statements. Need to grant legal status to Bitcoincreate a regulatory framework for the market. However, the proposal later lost legislative power and stagnated on the committee, which failed to achieve the consensus needed to move towards the polls at the plenary session.
The new legislative proposal is currently scheduled to be discussed during an extraordinary parliamentary period in June.e tries to hold a parliament with expert participation Representatives of the financial sector to enrich and improve reforms.
“We hope that Mexico will become the flag of Latin America, take care of its users and ensure that money is of legal origin,” Deputy Sethma concluded.