Mexico: government reiterates duty to report bitcoin operations

Through the Money Laundering Prevention Portal, the Mexican government stressed the importance of virtual asset service providers, including bitcoin and other cryptocurrency exchanges, reporting certain operations they carry out. Specifically, they must report on operations that exceed an amount close to USD 87,000, even though «the technological infrastructure with which they are offered is in the jurisdiction of another country or is offered by companies incorporated in another country».

In turn, he reiterated that the requested information must be provided before the 17th of the following month in which the transactions were made. In fact, due to a reform of article 17 of the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin, the regulation also covers cryptocurrency exchange houses.

The aforementioned law indicates the types of companies that must provide details about their activities to the authorities in charge of putting an end to money laundering. The companies that offer the usual and professional exchange of virtual assets are mentioned, as well as those that facilitate the operations, custody or storage of such assets. However, financial entities are not included in this category.

On the other hand, according to CriptonoticiasFor an operation to be reported, it must have an amount equal to or greater than the equivalent of 645 Measurement and Update Units, whose value for this year is 2.724 Mexican pesos; Therefore, transactions over 1.756.980 Mexican pesos or USD 87.805 must be reported, according to the Central Bank of Mexico's quotation.

On the other hand, the Portal statement also defined the term "virtual asset", which "shall be understood as a virtual asset any representation of value registered electronically and used among the public as a means of payment for all types of legal acts and whose transfer can only be carried out by electronic means. '

Finally, this government statement reaffirms the good reputation that the country has earned in front of the Financial Action Task Force regarding the regulation of cryptocurrencies. Indeed, Mexico complies with 22 of the 40 guidelines required by the Action Group, qualifying it with an outstanding for compliance with the regulations for virtual assets and service providers.

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Andrea Norabuena
Lawyer from the Pontifical Catholic University of Peru (PUCP). I am interested in topics related to consumer protection, intellectual property, competition law and personal data protection.


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