Mexico is getting eight new cryptocurrency exchanges, a new report has revealed. This is after Amero-Isatek announced that it will open its first physical crypto exchange in Nuevo Leon, a state in north-eastern Mexico on June 21. It will then open offices in seven other locations throughout Mexico.
The exchange estimates that it will serve over 800,000 crypto traders in central Mexico who have lacked a reliable crypto trading platform. It’s the firm’s belief that traders in Mexico have long been ignored and it hopes to change that. Alfonso Jimenez, the exchange’s CEO, told CoinDesk that the only exchange serving Central Mexico is GTM; a platform he insisted doesn’t serve all the needs of the traders. His firm will change all that, he stated.
While Amero-Isatek is hopeful that it can change the Mexican crypto scene, the country’s fintech laws could prove to be a big barrier in its plans. Currently, Mexico has yet to put in place a comprehensive regulatory framework for the cryptocurrency industry. Instead, it has lumped it together with other fintech sectors. Its legal stand with fintech companies states that they can open physical locations only under a sandbox regulatory scheme.
The company will seek to work with the Bank of Mexico (Banxico) and adhere to the laid out guidelines, Jimenez stated in an interview. However, just to be safe, it’s looking at the more established Estonian crypto scene should the Mexican regulators prove to be a barrier. Amero-Isatek will acquire two crypto exchanges licensed in Estonia named Global XVC and Invest Global.
The reason for purchasing these two exchanges is very clear as Jimenez explained: “Whatever happens with the Fintech Law in Mexico, under Banxico’s dispositions, we’ll be able to operate legally worldwide with a financial base from Estonia.”
Following a successful launch in Nuevo Leon, the exchange intends to open physical offices in seven other states. These are Sinaloa, Jalisco, Yucatan, South Lower California, Quintana Roo and Queretaro.
Amero-Isatek has previously been involved in what was described as the world’s largest cryptocurrency real estate operation. The firm bought 1,400 hectares of land in Baja California State in Mexico for $280 million, all paid in its own native crypto, the Amero. At the time, Jimenez pledged the firm’s commitment to working with Banxico. He, however, revealed that the company intended to relocate to Switzerland should the regulations in the country prove hostile.
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