Mexico Updates Regulations, Narrowing Banks’ Services for Crypto Investors

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    Companies dealing with digital assets have to provide all identification details of customers. Clients also must be separated on those who trade occasionally and regularl

Cover image via U.Today

From now on, companies dealing with digital assets have to provide all identification details of their customers who trade crypto. The clients also must be separated on those who trade occasionally and regularly. Regular traders or pros must supply additional identification details and they will be allowed only demand deposit accounts.

Further on, the idea is that banks are recommended not to provide new accounts for professional crypto traders. Besides, any financial transactions that are made to the accounts of crypto beneficiaries will undergo extra confirmation checks.

Crypto trading companies have made clear their concerns that the new rules imposed by the Central bank will make the transactions more complex, expensive and will also slow the whole process down.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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