A lot has been said about Mexico, but very little about the cryptocurrency industry down there. A recent press release from a crypto company, Amero-Isatek, reveals that the company is in the final stages of launching the first physical cryptocurrency exchange in the country.
Amero-Isatek to Open 8 Cryptocurrency Exchanges in Mexico
Amero-Isatek is focussed on investing heavily on the lucrative cryptocurrency industry and it has set its eyes on Mexico. The company yesterday announced that it will set up the first physical exchange station on June 21st at Nuevo Leon, Monterrey. Later on, the company will set up similar stations in seven different locations in Mexico.
According to a recent market study, Amero-Isatek will serve more than 800,000 cryptocurrency users in Central Mexico and this number is expected to increase as more people embrace the idea. It is also important to note that at first, clients will be able to trade in Amero-Isatek cryptoasset commonly referred to as Amero. The asset will be launched on the same day that the physical exchange station at Nuevo Leon will be launched.
Background Information of Amero-Isatek
Early this year, Amero-Isatek, gained a massive traction online when it participated in the world’s biggest crypto real estate exchange campaign. During this exchange, the company successfully purchased 1,400 hectares in South Lower California for a whopping $2.8 million. The amount was paid in full to the seller.
In a recent interview, the CEO Alfonso Jimenez, stated that at the moment, there is only one cryptocurrency exchange platform in Monterrey, GTM, and it does not meet the standards of a cryptocurrency service provider. Alfonso also went ahead to state that there are no physical cryptocurrency exchange platforms in Mexico and the company is determined to be the first one to fill this gap.
Other Mexican states that the company will set up physical cryptocurrency exchange stations in include, Sinaloa, Jalisco, South Lower California, Yucatan, Queretaro, and Quintana Roo.
Current Mexican Regulations on Cryptocurrencies
The launch of eight cryptocurrencies in Mexico by Amero-Isatek circumvents the current Mexico financial regulations. The regulations state that new establishments offering cryptocurrency services can only operate in physical location under the existing Sandbox regulatory scheme that was created specifically for new finch businesses.
The CEO, Alfonso Jimenez recently stated that the company is committed to adhering to all the regulations put up by Bank of Mexico and other international financial regulations. It is also worth noting that the company recently acquired two licensed cryptocurrency exchanges based in Estonia, Global XVC and Invest Global.
The current fintech laws in Mexico have not been very favorable to cryptocurrency companies. However, the blockchain technology is providing new growth opportunities for companies in multiple sectors. Read more about bitcoin price and the latest cryptocurrency news here.