Latinnews Daily - 14 December 2017

* The finance ministry (SHCP), the central bank (Banxico), and the banking and securities regulator (CNBV) have issued a statement warning of the risks associated with participating in cryptocurrency investment schemes such as ‘Initial Coin Offerings’ (ICOs). Cryptocurrencies were created as a purely virtual currency, a digital asset designed to work as a medium of exchange, not backed by physical assets, and completely decentralised. They are not regulated and are independent from governments and central banks. The statement by the authorities highlights that so far there is no official record of an ICO being issued in Mexico's national territory – only trading and sales of ICOs originating from abroad. However, they warned that participation in some ICOs could violate Mexico’s securities market law (LMW) and constitute a financial crime.

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