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Report: Mexico's Senate passes bill to regulate fintech

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Report: Mexico's Senate passes bill to regulate fintech

Mexico's Senate passed a bill to regulate the country's financial technology industry, including crowdfunding and cryptocurrency firms, Reuters reported Dec. 6.

Under the bill, the Mexican central bank would be in charge of regulating firms that use virtual currencies in operations. It aims to promote financial stability and establish rules within the fintech sector, defend against money laundering and the financing of terrorists, and reduce users' costs, which should boost competitiveness. It is expected to get final approval from the lower house by Dec. 15, "three sources familiar with the measure" said.

CME Group Inc. previously said it was planning to launch bitcoin futures products at year-end 2017. Earlier in the year, Cboe Global Markets Inc. was also looking into bitcoin derivatives and indices, to be traded sometime in the fourth quarter or in early 2018. Recently, Nasdaq Inc. and Cantor Fitzgerald LP said they were looking into launching a bitcoin futures product in 2018.