Mexico tightens rules on exchanges as it prepares for more comprehensive regs next spring

Banxico, Mexico's central bank, imposed new requirements on crypto exchanges this week. The rules require that exchanges obtain a permit, issued after explaining their business plans, commission structure, and how they will verify the identity of customers (akin to "know your customer" rules in the U.S.). Exchanges that did not apply for a permit in this round will now have to wait until March, when more comprehensive fintech rules are expected. In the meantime, exchanges can no longer sell crypto to accounts created the same day and are required to comply with Banxico's interim rules which were put in place to combat money laundering. (Source: Cointelegraph)

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John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He runs the Technotopia podcast about a better future. He has written five books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York. Disclosure: Biggs owns and maintains cryptocurrencies in a private account and has been consulting with startups regarding blockchain-based products. He also edits and writes for startup clients.

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