Introduces FinTech law to regulate "Fintech Institutions" (FTI) which include alternative financing and investment activities such as crowdfunding, management of e-money,electronic payments and exchange of virtual assets or cryptocurrency. Authorization is obtained from the Mexican Banking and Securities Commission (CNBV). Application Programming Interfaces (API) are to be required to ensure interoperability between financial entities and institutions for the exchange of data and information. Robo advisors (automated financial and investment advice) is also regulated.
Cryptocurrencies are not deemed legal currencies although transactions are recognized and may be carried out only by an FTI authorized by the Central Bank of Mexico (Banco de México).
A regulatory sandbox may be created to provide a safe space for companies who develop innovative technology to test their innovations for a trial period to a limited number of live participants.
A FinTech Council will be established consisting of persons from the public and private sector and designed to be an exchange of knowledge, information, ideas and communications.