Mexico’s fintech industry is driving the passage of a second Fintech Law reform, aiming to clarify regulatory rules for crypto assets.

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Breaking News from Mars Finance, according to La Política Online, the Mexican fintech industry is seeking to promote financial technology bill 2 reforms under the leadership of the new head of the National Banking and Securities Commission (CNBV), Ángel Cabrera. The industry believes that the Financial Technology Law passed in 2018 can no longer keep up with innovation speed, leading to approval process bottlenecks, and urgently needs clearer and more flexible regulatory standards. Main demands include speeding up authorization processes, implementing tiered risk management, conditional licensing, and comprehensive regulation of open financial models. Regarding crypto assets, Mexican financial authorities still maintain restrictions on such tools, despite the continuous growth of the global crypto market. The industry is seeking progress in crypto asset regulation, hoping to establish clearer rules. Additionally, the industry also hopes to promote hybrid models that allow the integration of payment, lending, and insurance services on the same platform. Experts point out that approximately 85% of transactions in Mexico are still conducted in cash, with a large portion of the population unserved by traditional financial systems. Updating regulations will help accelerate financial inclusion.
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