Mexico Reminds Domestic and Overseas Crypto Companies to Report Operations

The Government of México has issued a fresh reminder to crypto exchanges that offer services within the country to report any info about their operations or manoeuvres before September 17. According to the notice, crypto companies should report any transactions exceeding the $87,000 threshold.

In fact, the Money Laundering Prevention website of the Government of Mexico clarified that the rule applied for these companies that run under national jurisdiction or in a foreign one. “We refer to the obligation provided in section VI of article 18 of the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin (LFPIORPI), according to which those who carry out Vulnerable Activities in terms of section XVI of the Article 17 of the same Law, they must present Notices about the acts or operations that they carry out, no later than the 17th day of the month following in which said acts or operations are carried out,” the government said.

Mexico and FATF

In addition, the ruling targets any crypto-related firms that offer custody and trading services, while it does not cover financial entities. The amount of money mentioned by the government is worth 645 Measurement and Update Units (UMA). As recorded in the digital asset definition, the Mexican authorities stated: “A virtual asset shall be understood to be any representation of value registered electronically and used among the public as a means of payment for all types of legal acts and whose transfer can only be carried out through electronic means.”

According to the reminder, Mexico goes in line with the Financial Action Task Force (FATF) guidelines. This entity has placed the country among a highly reputable one in terms of cryptocurrency Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. In June, the FATF pointed out that Mexico was 'outstanding' on its path to being compliant with the rulings on the crypto sphere, including the enforcement of Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) rules among crypto exchanges and crypto service providers.