Amero-Isatek, a blockchain firm is rolling out a physical crypto exchange in Monterrey, Mexico. The firm unveiled that the exchange would go live on June 21. After launching the exchange, the firm seeks to branch out into seven other areas in Mexico.
Launching a crypto exchange is not Amero-Isatek’s first move in the crypto sector. The firm made headlines earlier this year after taking part in what is considered the world’s largest crypto real estate exchange. This deal saw the company buy 1,400 hectares in South Lower California. The company used its crypto named Amero to buy the land, which was valued at $2.8 million.
According to a report, the firm is using Mexico’s regulatory “sandbox” scheme to its advantage. The new rules allow FinTech startups to run their businesses in the country physically.
A Market Ripe for Disruption
The company believes that it would serve approximately 800,000 crypto adopters in central Mexico. Customers would trade in Amero. Rolling out the exchange will coincide with the Nuevo Leon opening.
Apart from Monterrey, the firm will also offer services to the residents of seven other Mexican states. These are Queretáro, Sinaloa, Quintana Roo, Jalisco, South Lower California, and Yucatán
Alfonso Jimenez, Amero-Isatek’s CEO noted,
Today there are no physical exchanges in Mexico and we are going to open them
The CEO had previously said that the exchange is working to comply with the rules of the Bank of Mexico (Banxico) and other international entities.
Amero-Isatek’s Backup Plan
On top of launching an exchange and a crypto coin, the firm is also in the process of buying two Estonian crypto exchanges. These are Invest Global and Global XVC. In so doing, the firm believes that it would continue its operations in Estonia in case things go south in Mexico.
Whatever it 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,
While the firm describes itself as a FinTech, this description is subject to change depending on Mexican rules.
Per the CEO,
If the fintech law turns out to be friendly in Mexico as well, we’ll be registered as a fintech with financial operations,
Mexico’s Crypto Rules
A few months ago, the Bank of Mexico published a notice in the Official Gazette of the Federation. The publication contained details of new crypto regulations. However, Mexican crypto enthusiasts did not receive this news well. According to them, the new rules would damage the crypto space as well as the country’s economy.
Speaking about the effect the new rules would have, Sebastian Acosta Checo, the CEO of Isbit crypto exchange said,
The impact goes beyond the crypto industry. I believe it damages the economy as a whole.
Do you think Mexico will come up with better crypto rules in the near future? Let us know in the comments below.