Mexico Congress receives proposal to regulate cryptocurrencies

An ambitious legislative proposal, promoted by Deputy Jesús Sesma, arrived yesterday to the Congress of the Union with the promise of bringing order and security to a market that is booming. The legislator of the Green Ecological Party of Mexico (PVEM), has as main objectives to combat money laundering and provide greater protection to millions of Bitcoin users (BTC) and other digital assets in the Latin American country.

Accompanied by Deputy Elvia Vigil Estrada and a team of expert advisors, Sesma Suárez He emphasized the urgency of providing Mexico with a clear legal framework for cryptocurrencies. This taking into account that the nation occupies the fourteenth place of adoption of digital assets worldwide and the first in Latin America.

The project contemplates the reform of four fundamental laws, such as the stock market, the regulations to regulate financial technology institutions (Fintech Law), that of the National Banking and Securities Commission, and the Law of the Bank of Mexico. This ambitious normative restructuring It responds to a “need”, because the Mexican territory has been operating without specific regulation and strict, as Sema pointed out during a press conference at the Congress of Mexico City.

According to the legislator, this absence of a clear legal framework created fertile land for fraud, pyramid schemes and the use of cryptocurrencies in illicit activities, including money laundering by citizens, companies and even organized crime.

“We know the benefits of cryptocurrencies that offer rapid transactions, low commissions and access to financial services without intermediaries. But without regulation, there is no certainty for users or control over the origin of money.”

Mexican deputy Jesús Sesma.

“Mexico cannot ignore a global phenomenon”

The deputy stressed that, with approximately 4 million people investing in cryptocurrencies in Mexico, the country cannot afford to ignore it before a global phenomenon that already has regulatory frameworks in 62 of the 119 countries in which these assets are legal, highlighting the case of the European Union with its regulation of cryptoactive markets (Micar).

For his part, Johnny de Jesús López, an advisor to the initiative, explained that although cryptocurrency technology offers traceability, relative anonymity in certain transactions can make it difficult to identify those involved. “Regular is not prohibiting, it is to give certainty and encourage financial inclusion, especially in rural areas where traditional banking does not arrive,” he said.

The initiative also seeks to combat citizen distrust through The promotion of financial educationso that Mexicans understand both the risks and the benefits of investing in these digital assets.

The attractiveness of Mexico for the Bitcoin ecosystem and cryptocurrencies is partly due to its accessibility and the important flow of remittances from the United States that take advantage of the benefits of digital assets to process transactions.

The regulation for the Bitcoin ecosystem in Mexico has faced various obstacles. In the past, Senate members, such as Indira Kempis, expressed The need to give Bitcoin legal statusas well as create a regulatory framework for your market. However, this proposal later lost legislative strength and was stagnant in the commissions, without achieving the necessary consensus to move towards a vote in the plenary.

Now this new legislative proposal is expected to be discussed in an extraordinary period of Congress in the month of June, when SE will seek to open an open parliament with the participation of experts and representatives of the financial sector to enrich and improve the reforms.

“We want Mexico to be a banner in Latin America, taking care of users and ensuring that money is of lawful origin,” concluded Deputy Sesma.