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| January 22, 2018

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Embassy Move to Jerusalem Coming Sooner Than Expected

January 19, 2018 |

Rather than wait three-plus years to build a new US embassy in Jerusalem, US officials are speeding up the move from Tel Aviv. A new, more affordable plan will see an existing consular building in the Arnona neighborhood of West Jerusalem converted into a new embassy, officials tell the New…
Newser

White Christmas Expected in These Regions

December 24, 2017 |

If you live in the Northeast or Midwest, you’re not dreaming: It’s going to be a white Christmas. But the trade-off is hazardous driving conditions across New England and the Great Plains, the AP reports. The National Weather Service (NWS) tweeted a list of emergency supplies to have on hand…
Newser

Here’s who’ll benefit — and who might not — if net neutrality is repealed as expected

December 13, 2017 |

Internet service providers and large content providers could see benefits if the FCC repeals regulations governing network neutrality, as is expected Thursday.
L.A. Times – Business

Fintech and Crypto Regulations Expected to Pass in Mexico on December 15th

December 7, 2017 |

Fintech and Crypto Regulations Expected to Pass in Mexico on December 15th

On Tuesday, Mexico’s Senate passed a bill designed to regulate the country’s emerging fintech sector, including regulatory provisions pertaining to bitcoin and other cryptocurrencies in Mexico. 

Also Read: Bank of Mexico Rejects ‘Virtual Currency’ as Legal Classification for Bitcoin

The Fintech Bill Is Expected to Pass a Final Lower House Vote by December 15 in Mexico

Fintech and Crypto Regulations Expected to Pass in Mexico on December 15thMexico’s upper chamber of parliament has approved a bill that will provide a regulatory framework governing the organization and operations of fintech companies. The bill will seek to regulate companies offering alternative means of financing or investing, companies that issue or manage electronic funds or assets, in addition to providing guidelines for the operation of virtual currency exchanges.

If passed into law, the bill will bring virtual currency exchanges under the regulatory purview of Mexico’s central bank. The regulations will seek to impose strict identification requirements for both clients and investors in order to deter money laundering or terrorist financing activities, and will prohibit Financial Technology Institutions (FTIs) from guaranteeing returns on investments, or the success of an investment. Mexico defines ‘crowdfunding institutions’, ‘electronic payment institutions,’ and ‘virtual asset management institutions’ as FTIs.

The new laws will mandate that FTIs seeking to operate in Mexico must incorporate as a Mexican corporation or limited liability company. FTIs will also be required to demonstrate the transactions that it wishes to perform to the National Banking and Securities Commission (CNBV), that the company has a suitable corporate structure and governance bodies, and that the companies are in possession of all requisite resources and infrastructure. FTIs currently operating in Mexico will be required to receive authorization from the CNBV in order to continue operating.

Innovative Companies and Regulatory Sandboxes

Fintech and Crypto Regulations Expected to Pass in Mexico on December 15thMexico is expected to adopt regulatory sandboxes in order to facilitate innovation in innovative industries that do not neatly fit within existing legislation. Companies seeking to operate under a regulatory sandbox will be required to obtain temporary authorization for two years maximum, during which the company will be permitted to provide their services to a small number of clients. It is anticipated that numerous companies seeking to operate using cryptocurrencies will likely apply to be regulated in said “sandbox” fashion.

The bill will also spark the creation of a ‘Fintech Council,’ which will be seen as a vehicle through which the public and private sector can exchange relevant ideas and interests relating to breakthrough financial technologies. The council will be staffed by individuals from both the public and private sector, and will be expected to follow emerging trends and practices in innovative fintech industries in order to inform the development of future regulations.

Speaking with Reuters, Felipe Vallejo of Mexican crypto trading platform, Bitso, has welcomed the Senate’s passing of the bill – describing such as having the potential to make Mexico internationally competitive within the emerging cryptocurrency industries. “For us, it was a victory for the sector, because this is being done internationally,” Mr. Vallejo said.

Do you think that Mexico will be able to exert a position of influence over the bitcoin markets in future? Share your thoughts in the comments section below!


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The post Fintech and Crypto Regulations Expected to Pass in Mexico on December 15th appeared first on Bitcoin News.

Bitcoin News

Job growth expected to keep slowing in California

December 7, 2017 |

California’s economic engine has slowed somewhat in 2017 and that’s expected to continue in coming years as employers have trouble finding workers in the expensive state, according to a new report.

The latest UCLA Anderson Forecast, released Wednesday, calls for job growth of 1.8% by year’s end,…


L.A. Times – Business

Thanksgiving air travel is expected to break last year’s record, but airline profits are sinking

November 4, 2017 |

The demand for air travel continues to surge, with U.S. carriers expected to transport a record 28.5 million passengers during the Thanksgiving holiday, a 3% increase from the previous year.

Despite the continued growth in passengers, the nation’s airlines are starting to report a drop in profits.


L.A. Times – Business

Hurricane rebuilding expected to yield strong October job growth

November 3, 2017 |

U.S. job growth is expected to have soared in October in the aftermath of Hurricanes Harvey and Irma as hotels and restaurants in Florida and Texas reopened and rebuilding and repair work began.

Economists have forecast that the government’s jobs report being released Friday morning will show that…


L.A. Times – Business

CNN

Maria: Significant strengthening expected as storm nears land

September 18, 2017 |

Hurricane Maria is forecast to rapidly strengthen over the next two days as it takes aim at Caribbean islands devastated by Hurricane Irma just days ago.
CNN.com – RSS Channel – Regions – Americas