FinTech Law in Mexico? Today maybe an historical day!

After negotiations, today the so-called FinTech Law may be discussed in the Lower Chamber of Mexico.

The Law to regulate Financial Technology Institutions could be approved today. If that is the case, it would be pending publication by the Federal Executive so that it will begin to be enforceable in terms of what is set forth in its transitory articles.

"Everyone in the industry is very excited with this, since there are pending important investments to be made by Mexican entrepreneurs, as well as FinTechs from abroad who see Mexico as the gateway to the Latin American market, as well as to the US and Canadian markets" said Carlos Valderrama, Managing Partner of Legal Paradox, SC, the first firm specialized in serving exclusively FinTech, BlockChain and CrowdFunding projects.

Until July 2017, the FinTech Radar carried out by the Inter-American Development Bank (IDB) and Finnovista, detected 238 FinTech Startups, placing Mexico as the number one ecosystem in Latin America. In addition, a study by Statista states that the transaction value of the Mexican market is US $ 36,439.1m.

"With the approval of the FinTech Law, Mexico could become the main FinTech development hub for Iberoamerica, since it is currently only below Spain," said Carlos Valderrama.

The FinTech Mexican community is making important efforts to make this happen. Proof of this is the completion of the third HyperBlock Parties that will take place today at the ITAM auditorium, Santa Teresa campus.

"We are building synergies as new roads to the future use and application of BlockChain, FinTech and CrowdFunding platforms, said Diego Del Olmo CTO and co-founder of HyperBlock.

HyperBlock is an organization committed to innovation, which brings together and collaborates with actors in the ecosystem of emerging technologies interested in generating greater financial inclusion in Mexico, promoting technological advancement and facilitating the transfer of wealth through its knowledge in FinTech, Blockchain and Crowdfunding.

The purpose of the HyperBlock Parties is to show the Blockchain, FinTech and Crowdfunding developments that exist in Mexico and to generate effective synergies that lead to the generation of productive models that maintain the continuous adoption of technologies.

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All rights reserved®.

The use of HyperBlock, FinnoVista, Statista, ITAM, IronBit, Legan Center, as well as the photo taken from the Lower Chamber, contained in this article, are the property of said third parties and are used solely for illustrative purposes.

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