The Amero-Isatek firm has now officially announced its plans to open Mexico’s first ever physical crypto exchange. The exchange will be opened on the 21st of June in Nuevo León, Monterrey. As part of the plans for launching a physical station, the firm also plans to open at least another seven branches, bringing the total of physical stations to eight.

Furthermore, the firm has also concluded its own cryptocurrency called Amero and it will allow all of its customers to buy and sell the asset. The firm expects to have at least 800,000 customers from Central Mexico who will trade with different crypto assets including the Amero.

Alfonso Jiménez, the CEO of Amero-Isatek spoke on cryptocurrency exchanges in Mexico. According to him, the company won’t be the first as there already is an exchange in Monterrey known as GTM.

However, Alfonso believes that it doesn’t fulfill all the requirements to be called a proper cryptocurrency service. He said:

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

A physical exchange is like a shop where anyone can go to sell or buy cryptocurrencies without using the internet. Some of the other states where the company hopes to further deploy its services include South Lower California, Jalisco, Quintana Roo, Yucatán, Queretáro and Sinaloa.

Legal Implications

The current Mexican laws that govern Fintech firms are generally just emerging and not very mature. At the moment, these new firms are allowed to offer services in actual locations but will be governed by a regulatory sandbox. This basically means that they will be done in a somewhat controlled climate and under the supervision of a regulator.

Alfonso has said that Amero-Isatek intends to fully comply with all statutes from the Bank of Mexico – Banxico – and comply with international regulations as well. The firm is also in the process of acquiring two Estonian crypto firms – Global XVC and Invest Global to help ease their financial operations.

These two firms are already licensed to trade all kinds of cryptocurrency with most of the world’s fiats and Amero-Isatek plans to use them to continue operations in the event that Mexican laws prohibit their services. Alfonso notes that:

“Whatever 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.”

The CEO also mentions that the company is a Fintech firm with an environmental resolve but this might change depending on what Mexican Fintech laws eventually become. Alfonso says that

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

Amero-Isatek and the Environment

This isn’t the first time Amero-Isatek occupied a few headlines this year. A few months ago, the company purchased a large piece of land in Cabo Pulmo, Baja California Sur, in the Sea of Cortez for a whopping $280 million. The payment was made with the Amero currency and is officially the largest real estate transaction ever completed with cryptocurrency.

According to Alfonso, the land has about six kilometers of beach and totals 1,400 hectares. The CEO also said that the reason for the acquisition is mostly ecological while explaining that the land, which is “the oldest ecosystem in the continent”, will now be under the company’s authority. The amount paid was equal to 17,733 Ameros and was handled through Topkey, a major real estate company.

Speaking on the purchase, the CEO described it as “a record of acquisitions” in comparison with other major real estate sales in other parts of the world. According to him, there have been major real estate deals previously paid with crypto in Spain, Argentina and a few other parts of Europe but none compare to this.

The views and opinions expressed in the article Eight New Physical Cryptocurrency Exchange “Shops” to Launch in Mexico do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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