Mexico Cryptocurrency Platform Bitso Million Users
Bitso, a leading cryptocurrency financial services firm, is positioning itself as a proactive player in shaping the regulatory landscape for digital assets in Mexico. Amid an election year and pivotal developments within the digital asset sector, Bitso aims to enhance certainty for its users by proposing updates to fiscal legislation, intellectual property laws, and the Law to Regulate Financial Technology Institutions (Fintech Law).
Felipe Vallejo, Bitso Mexico’s director, revealed plans to introduce regulatory updates and improvements as part of a ten-point initiative agenda. These proposals, some of which are being presented by the Fintech Mexico Association to the presidential candidates, aim to address several key areas within the Fintech Law.
A major concern highlighted by Vallejo is the lack of clarity in tax payments on virtual assets. The current fiscal legislation does not provide a specific framework for cryptocurrency taxation, leading to ambiguity for users and the sector at large. “We believe that clearer rules would greatly benefit the entire sector,” Vallejo stated, emphasizing the need for regulatory certainty.
In addition to tax regulations, Bitso will focus on the intellectual property of digital assets. Vallejo pointed out the issue of the bitcoin trademark in Mexico, where Bitso has taken legal steps with the Mexican Institute of Industrial Property (IMPI) to challenge the trademark registration granted to an individual ten years ago.
Vallejo also touched on the potential for more sophisticated investment instruments composed of digital assets, such as Exchange-Traded Funds (ETFs), which received approval for operation in the U.S. stock market earlier this year. “The topic of instruments for more sophisticated investors, be it an ETF or another variant, would be interesting to discuss in regulatory terms,” he remarked.
Looking towards the future of the sector and the platforms that could offer services related to digital assets in the country, Vallejo highlighted Bitso’s commitment to self-regulation for the protection of its 4 million users. This approach led to the establishment of an Electronic Payment Funds Institution in 2018. Vallejo’s philosophy focuses on rapid advancement without compromising security, setting a benchmark for new entrants into the financial sector’s evolving landscape.
