Fintech company Amero-Isatek announced some good news for cryptocurrency traders and enthusiasts in Mexico: it will be opening its first physical crypto exchange in Nuevo León, Monterrey, on June 21 before expanding further to another seven locations across Mexico.
The company estimates that their crypto exchanges will serve over 800,000 crypto users in Central Mexico. Users will trade in Amero, Amero-Isatek’s own crypto asset which will launch on the day the Nuevo León exchange opens.
Alfonso Jiménez, CEO of Amero-Isatek, noted that there is a crypto exchange already operating Monterrey but claimed that it doesn’t qualify as a crypto service.
“Today there are no physical exchanges in Mexico and we are going to open them,” he said.
Apart from Monterrey, Amero-Isatek will launch exchange services in Mazatlan, Sinaloa; Merida Yucatan; Querétaro, Querétaro; Cancun, Quintana Roo; Mexico City; Monterrey, Nuevo León; Guadalajara, Jalisco, and Los Cabos, Baja California Sur..
A safety net
Amero-Isatek’s decision to launch a physical crypto exchange in Mexico neatly sidestep some of the thornier parts of Mexico’s nascent fintech laws.
Current Mexican regulations state that new fintech establishments can operate in physical locations under a “sandbox” regulatory scheme.
Jimenez, however, emphasized in an interview that Amero-Isatek hopes to be able to comply fully with both international regulations and those set forth by the Bank of Mexico (Banxico).
The company will also acquire licensed crypto exchanges, Invest Global and Global XVC, in Estonia to handle financial operations and act as a safety net.
“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,” Jiménez said.
Evolving crypto laws
Mexican fintech laws have had a relatively troubled history with cryptocurrencies, but the benefits of blockchain technology have helped make both crypto exchanges and the Mexican government pay more attention to evolving crypto regulations.
Just last month, crypto startup Ripio announced that it is opening a new crypto exchange platform in Mexico as well as two other Latin American markets: Argentina and Brazil.
For its part, Amero-Isatek is currently branded as a fintech company with an ecological bent, but Jimenez says that this definition may evolve in the future in response to Mexican laws.
“If the fintech law turns out to be friendly in Mexico as well, we’ll be registered as a fintech with financial operations,” he said.