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Mexico forms its first association for blockchain

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Mexico forms its first ever blockchain association, founding members of the association includes leading industry players like ConsenSys, a blockchain software firm, Forbes Mexico reported on November 28.

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The Blockchain Association of Mexico has set up companies Valabit, BIVE, Bitso, ConsenSys, Exponent Capital and Lvna Capital. The organization has the objective to educate the citizens in the sector of technology deployment and on its application potential,

Reportedly, the association plans to develop standards and practices before the technology becomes mainstream. Provisional president of the association, Felipe Vallejo said that “[blockchain] technology has the objective of creating more transparent, safe and efficient procedures.”

The association appears to be open for new members. Maria Ariza, Biva director said “we want to generate a space for discussion and public policy. We want everyone to be able to present their ideas.”

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Blockchain and cryptocurrency leaders have launched multiple associations in order to push forward the technologies adoption and work along with regulators to develop the inclusive standard. To create a “code of conduct” for the sector of cryptocurrency, the financial and tech firms established the Association for Digital Asset Markets (ADAM) on November 27.

A group of U.S. based crypto and blockchain companies including Coinbase, crypto exchange, announced the launch of the Blockchain Association based in Washington D.C. in September. The association is the representative of mainstream companies that are willing to operate within the political system, mainly addressing policy-related issues and transaction of cryptocurrency under U.S. tax laws,

the Mexican state-backed Bank of Mexico (Banxico) in September announced that all the crypto exchanges and banks operating their services in Mexico will be liable to receive a permit from the bank. To get the permit, the companies are required to submit detailed business plans with complete descriptions, further the commission plans to charge and the mechanism they use to verify the identity of the customer.

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