Fintech Albo is fined by the National Banking and Securities Commission (CNBV) of Mexico, with an amount of 9 million pesos for allowing the exchange of cryptomoney, so he made it known on his web portal FORBES MEXICO last October 28, 2021.
The fine occurs because Albo allowed the exchange of funds in crypto without having authorization from the National Banking and Securities Commission, as reported by the regulatory body at that time.
Although albo is a company that was founded in 2016, it is currently still waiting for the authorization of the National Banking and Securities Commission to operate under the Fintech law as an Institution. Financial Mexican.
In Mexico, two laws were established for the regulation of cryptocurrencies: Federal Law for the Prevention and Identification of Operations with Illicit Resources, also known as the Anti-Money Laundering Law, and on the other hand, the Fintech Law.
The law of Federal for Prevention and Identification of Operations with Illicit Resources refers, “to protect the financial system and national economy by establishing measures and procedures to prevent and detect acts or operations that involve resources of illicit origin.”
Secondly, Fintech law regulates in Mexico electronic payments to collective financing or crowdfunding, which will not be able to carry out direct or indirect virtual asset operations unless it is through a subsidiary.
On June 28, 2021, Banxico gave a similar setback to Banco de Azteca, and to the country’s financial institutions in general, by stating that they were not authorized to carry out or offer any type of cryptocurrency operations. Bitcoin, Ether, Xrp or other currency.
Any financial institution that offers, to its clients, exchange of cryptocurrencies or transfers in crypto, without authorization from the National Banking and Securities Commission will be subject to sanctions if I detail it in the Banxico statement at the time.
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