All around the world, crypto startups are springing up, and that signifies a collective effort to move for the adoption of crypto in mainstream use cases. Mexico is one of the countries that have its arms open to the crypto community, and there have been notable crypto activity from the country. It is quite interesting to know that they are making headway with the adoption of cryptocurrency for investments and businesses in different industries and sectors, hence, the enabling environment is creating room for different types of crypto businesses in Mexico.
In a recent development, Amero-Isatek, a company that has been in the news for its involvement in crypto activities, has announced that it is making plans to create and open a cryptocurrency exchange, and this will be the first physical crypto exchange from the company. The physical crypto exchange will be located in Nuevo Leon, Monterrey. It is expected that operations of the crypto exchange will begin on June 21, 2019, and hopefully, seven more locations will be established in different parts of Mexico.
Crypto Exchange Moves Forward in Mexico
The firm hopes to deliver the physical crypto exchange to more than 800,000 crypto users in Mexico. According to Amero-Isatek, trades will be done with Amero tokens, which is the crypto asset owned by Amero-Isatek, and the asset will get launched the same day the exchange launches in Nuevo Leon.
Earlier this year, Amero-Isatek made the headlines when it participated in the biggest crypto real estate exchange in the world. With the exchange, Amero-Isatek got 1,400 hectares of land in South California, and paid about $2.8 million for it, however, the payment was made in Amero.
According to the CEO of Amero-Isatek, Alfonso Jimenez, there is an exchange operating in Monterrey, however, the exchange does not have the necessary features to facilitate a crypto service. Furthermore, he said that the company is leveraging the fact that there is an absence of physical exchanges in Mexico, hence, they are providing such crypto services to crypto users. Apart from Monterrey, the company intends to provide similar services in other parts of Mexico including Sinaloa, Queretaro, Jalisco, Quintana Roo, Yucatan, and South Lower California.
The Legal Angle
Mexico has some fintech laws in place, and one of them particularly mentions that new establishments will be allowed to exist in physical locations, if they adhere to the sandbox regulatory system that was made for new fintech businesses. However, the creation of physical exchanges seems to go contrary to the fintech laws guiding fintech activities in Mexico. Furthermore, Jimenez said the company intends to comply with international regulations and the Bank of Mexico, as well as acquire Global XVC and Invest Global, two crypto exchanges that are in Estonia. Jimenez further added that by working according to the dispositions of the Bank of Mexico, hence, they will be able to effectively operate as a legal entity in different parts of the world, with their financial headquarters in Estonia. However, if the Mexican laws favor the company, then they will make the move to get registered as a fintech company with financial services and operations.