Mexico's Fintech Industry Pushes for Fintech 2 Act Reform to Clarify Crypto Asset Regulatory Rules

Comparatively, according to La Política Online, the Mexican fintech industry is seeking to push forward the reform of the Fintech 2 Act under the leadership of Ángel Cabrera, the new head of Mexico's National Banking and Securities Commission (CNBV). The industry believes that the Fintech Law passed in 2018 can no longer keep up with the pace of innovation, leading to bottlenecks in the approval process, and there is an urgent need for more clear and flexible regulatory standards. Key demands include speeding up the authorization process, implementing hierarchical risk management, conditional authorization, and fully standardizing the open finance model.

Regarding crypto assets, Mexico's financial authorities currently maintain restrictions on such instruments, although the global crypto market continues to grow. The industry is seeking progress in crypto asset regulation, hoping to establish more clear rules. Furthermore, the industry also wants to promote a hybrid model, allowing the same platform to integrate services such as payment, credit, and insurance. Experts pointed out that about 85% of transactions in Mexico are still carried out in cash, and a large number of people are not covered by the traditional financial system. Updating regulations will help accelerate financial inclusion.