Regulatory Alerts2019-03-08 | Circular 4/2019Added
Circular 4/2019 — Operations with Virtual Assets by Credit Institutions and Financial Technology Institutions
Circular 4/2019 prohibits credit institutions and financial technology institutions from offering direct services to the public involving the exchange, transmission, or custody of virtual assets. It authorizes internal operations with virtual assets only if they meet specific technical criteria, do not transmit risk to clients, and are supported by a comprehensive risk management framework and prior authorization from the Bank of Mexico. Institutions must submit detailed operational manuals and risk assessments to obtain and maintain this authorization, which can be revoked for non-compliance.