Blockchain Association of Mexico Established

A November 28 report confirmed that Mexico has established its first Blockchain association, with big industry names including software firm ConsenSys in its group of founders.

For now, the association’s primary goal would be to establish industry standards and practices and to set down a robust legal framework before the technology becomes widely used in the country. The provisional president of the Blockchain Association, Felipe Vallejo expressed his optimism over Blockchain improving efficiency, speed and security.

The newly-born association is still taking in members, with existing members encouraging a more inclusive discussion about public policies among everyone present.

Currently, the Blockchain Association of Mexico’s members are Bitso, Volabit, BIVA, GBM, Lvna Capital, ConsenSys and Exponent Capital. A longer-term goal of the body is to educate more citizens about the applications and potential uses of Blockchain technology.

Across the world, industry leaders are teaming up to form associations that will cooperate with governments at the national level to establish local legal frameworks and to lay down guidelines and regulations to prevent illicit trade and other forms of crypto crimes. The Association for Digital Asset Markets (ADAM) was formed by ten financial and tech firms on November 27 to create a standardized “code of conduct” for the cryptocurrency sector.

The private sector companies starting to tie in with governments across the world, trying to establish an order to the currently volatile crypto market marks the emergence of a new industry on a global scale that perhaps nobody could have imagined half a century ago. As of now, the results are most promising, with cooperation being achieved in most cases, with some compromises in others. Governments are moving from being staunchly against the idea, to being cautiously optimistic about this new form of digital currency, and Blockchain in general.

A group of US-based Blockchain and crypto companies including Coinbase announced the formation of a Blockchain Association based out of Washington D.C. in September. The association would aim to represent existing “big player” companies in the economy and help them operate within the boundaries of the political system and address policy issues and ensure a fair treatment of cryptocurrency by U.S. Tax law.

September was quite an eventful month for the crypto market of Mexico as the national government-backed Bank of Mexico (Banxico) announced that all crypto exchanges and banks trading in cryptocurrency are required to obtain a permit from the bank. To get a permit, the company in question has to provide the bank with a detailed account of all its transactions, description of their operations, objectives, the mechanisms they plan to employ to verify user identity and the commissions they plan to charge.