Mexico Is Getting Eight New Cryptocurrency Exchanges

Fintech firm Amero-Isatek will offer cash-to-crypto exchanges in eight Mexican states

Jun 3, 2019 at 7:30 p.m. UTC
Updated Sep 13, 2021 at 9:16 a.m. UTC

Amero-Isatek will open its first physical cryptocurrency exchange in Nuevo León, Monterrey, on June 21, part of a plan to expand into another seven locations across Mexico.

The company estimates that it will serve over 800,000 cryptocurrency users in central Mexico. Users of the exchange will trade in Amero, Amero-Isatek's own crypto asset, which is scheduled to launch on the day of the Nuevo León opening.

The firm already made headlines earlier this year for participating in what it called the world's biggest cryptocurrency real estate exchange. In this exchange, the company acquired 1,400 hectares in Baja California for $2.8 million paid in Amero.

According to Alfonso Jiménez, CEO of Amero-Isatek, there’s already an exchange in Monterrey, called GTM, but it doesn’t qualify as a cryptocurrency service.

“Today there are no physical exchanges in Mexico and we are going to open them,” he said.

Besides Monterrey, Amero will offer services in seven other Mexican states: Queretáro, Sinaloa, Quintana Roo, Jalisco, South Lower California, and Yucatán.

Legal Wager

The launch of physical exchanges circumnavigates Mexico's nascent fintech laws, which state that new establishments can operate in physical locations under a “sandbox” regulatory scheme.

Jimenez said in an interview that the company hopes to be able to comply with Bank of Mexico (Banxico) and international regulations. The company will also acquire two licensed Estonian crypto exchanges, Invest Global and Global XVC, to carry out financial operations.

“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,” Jiménez said.

While the firm describes itself as a Fintech enterprise with an ecological bent, according to its CEO this definition will evolve depending on Mexican laws.

“If the fintech law turns out to be friendly in Mexico as well, we’ll be registered as a fintech with financial operations,” he said.

Fintech laws in Mexico have had a tumultuous past in regard to cryptocurrencies. Nonetheless, blockchain technology is opening a path for new financial technologies in the country and the Mexican government - and companies like Amero-Isatek - are definitely paying attention.

Image via ShutterStock

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