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Mexico reminds crypto-exchanges to report transactions

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Mexico’s government has reminded virtual asset service providers of their obligation to report cryptocurrency transactions. According to the published document, institutions are required to report all transactions exceeding a certain threshold value by September 17. This is all outlined in the federal law to prevent and identify operations using illicit resources.

Mexico sends reminder to VASPs

The Mexican government authorities have PostedVirtual asset service providers (VASPs), be reminded that they are required to report certain transactions to the anti-money laundering authorities of the country. These institutions must provide relevant data regarding transactions from customers that exceed $ 87,000 in value. This reminder states that regulators must receive this information by September 17.

These obligations are listed in Section XVI of Article 17 of the Federal Law for the Prevention and Identification of Transactions with Illicit Resources (LFPIORPI) which classifies cryptocurrency exchange services as vulnerable, reportable activity. Even if they do not have Mexican offices, this obligation applies to all exchanges that serve Mexican clients. The notice stated that:

Virtual asset services are those that are offered under section XVI of article 17, LFPIORPI. All such persons must comply with the obligations laid out in the law, including the presentation and posting of the corresponding notices.

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Crypto regulation in the nation

Mexico has strict crypto regulations. This country is one of the best in the world when it comes to applying Financial Action Task Force standards for virtual sets. In this way, the FATF reportedThis:

Mexico was subject to a strengthened follow-up procedure after it adopted its 2018 mutual evaluation. Mexico was subject to a more thorough follow-up process following the adoption of its mutual evaluation in 2018. Since then.

The institution believes Mexico is in compliance with 8 of the 40 FATF suggestions and largely with 22 of them. This makes it one of the most compliant countries with the FATF. The Minister of Finance of Mexico announced that cryptocurrencies were not allowed in their national financial system on June 29th, strengthening the country’s strong position toward crypto.

What do YOU think of the Mexican authorities’ opinion? Comment below.


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