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Adjustments to the Fintech Law could reduce the digital financial market

Modifications to the Fintech Law in Mexico could reduce the participation of some actors in the digital financial market, said Amanda Soto, co-founder and legal director of Play Business.

During his participation in the forum “The digital market of the Fintech in Mexico”, he pointed out that some of the operating rules imposed by the National Banking and Securities Commission (CNBV) could affect the companies recently incorporated into the sector..

Tax Identification Card (CIF)

He mentioned that within the one that most affect the new Fintech are the obligation to process a Tax Identification Card (CIF) to be able to declare taxes, even when the investments are less than three thousand 500 pesos.

“Processing a CIF for those who make digital investments of less than three thousand 500 pesos, is totally useless, since revenues of less than one million pesos per year can not issue invoices” he said.

He explained that another factor to consider is the way in which these entities are evaluated, since once the formal procedure has been initiated before the CNBV, the CNBV can request that some modifications be made and if they are not adapted to the request, the process it is rejected.

Youd won’t wanna be rejected

“The Fintech present a single manual before the CNBV, if this does not meet the specifications requested by the agency, the procedure is rejected, an aspect that could prevent the continuation of some companies in the market” he said.

He also warned that there is a possibility that bigtech such as Facebook, Amazon, among others enter the financial market, since they have all the elements for it, from servers to capital.

Published inFintech

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