From Mexico: The Government of Mexico released the Financial Technology Institutions Law (Fintech Act)
The Fintech law aims to regulate financial services provided by financial technology institutions including their organizational, operative and functional structures; as well as those financial services subject to special regulations offered or provided through innovative mechanisms.
The National Banking and Securities Commission (CNBV) and the Central Bank of Mexico (Banxico) have been assigned to be supervisory entities which will be overseeing the following principles:
- Inclusion and financial innovation;
- Fostering competition;
- Consumer protection;
- Preserving financial stability; and
- Preventing unlawful transactions and technological neutrality.
Up to date, the Act supervises crowdfunding, electronic banking (including issuing, managing, redeeming and doing electronic payments), virtual assets operations (cryptocurrencies) and innovative models (any other technology-based operations).