June 21st becomes a day to remember for Mexico after Amero-Isatek announced its plans of opening its first ever physical cryptocurrency exchange in the country. The first exchange is expected to happen in Nuevo Leon, Monterrey.
The company targets to serve more than 800,000 users in Mexico. The transactions will begin on the Nuevo León opening, and the users will trade using Amero, the company’s crypto asset.
Earlier this year, Amero-Isatek had been in the global spotlight for being a part of the biggest cryptocurrency real estate exchange that happened in the world. The firm made incredible headlines upon acquiring 1,400 hectares in Baja, California. The total amount of $2.8 million was paid in Amero.
The CEO of Amero-Isatek, Alfonso Jimenez, mentioned that an exchange is already operating in Monterey. The firm called it GTM; however, Jimenez made it clear that it was a far cry from the usual cryptocurrency service. He emphasized that there are no existing physical exchanges in Mexico and that Amero-Isatek will pioneer in opening one.
Jimenez also added that the launch in Nuevo Leon would be the first of the many as the company plans to provide services in seven other states namely Sinaloa, Queretáro, Quintana Roo, South Lower California, Jalisco, and Yucatán.
Amero-Isatek to Comply with Standard and International Regulations
Since the announcement of Amero-Isatek about its upcoming cryptocurrency exchanges, the budding fintech laws in Mexico had been dragged into the limelight as well. According to the existing regulation in the country, new crypto businesses can operate in physical locations; however, their operations will be strictly monitored by a “sandbox” regulatory scheme.
As a response to the issues of legal wager, Jimenez expressed the company’s hopes of complying not only with the Bank of Mexico but as well as with the international laws and regulations. He also announced that the firm will purchase two Estonian crypto exchanges with license, Global XVC and Invest Global, to help them with the complex financial operations. Furthermore, Jimenez expressed the firm’s confidence that no matter what happens with the blossoming Fintech Law in the country, Amero-Isatek will still be able to continue its operation without worrying about legal issues –thanks to the company’s financial base from Estonia.
Amero-Isatek considers itself as a Fintech enterprise with an ecological bent. However, the CEO and the team behind believe that the company’s evolution will depend on Mexican laws. Jimenez said that if the Fintech Law becomes friendly towards the company’s objectives, then Amero-Isatek will operate as a fintech firm with financial operations.
In the past, the country’s financial sectors had suffered tumultuous proceedings. The nation faced challenges in building banking infrastructure, in enhancing the payment systems and in establishing anti-fraud strategies. In hopes of finding solutions to the nation’s significant problems, the government decided to adopt a law that seeks to regulate fintech companies and institutions. Though quite late, it aims to pave the way for banks and other fintech enterprises to develop smooth relationships with investors that will revolutionize the country’s financial service ecosystem.