Blockchain & Cryptocurrency Regulation 2019 - Mexico BGBG Juan Carlos Tejado y Miguel Gallardo. by BGBGabogados

Blockchain & Cryptocurrency Regulation

2019 First Edition

Contributing Editor Josias Dewey

CONTENTS Preface

Josias Dewey, Holland & Knight LLP

Foreword

Aaron Wright, Enterprise Ethereum Alliance

Glossary

The Editor shares key concepts and definitions of blockchain

Industry

Promoting innovation through education: The blockchain industry, law enforcement and regulators work towards a common goal Jason Weinstein, Alan Cohn & Chelsea Parker, The Blockchain Alliance

The loan market, blockchain, and smart contracts: The potential for transformative change Bridget Marsh, LSTA, & Josias Dewey, Holland & Knight LLP

An overview of the Wall Street Blockchain Alliance Ron Quaranta, Wall Street Blockchain Alliance

General chapters Blockchain and Intellectual Property: A case study Joshua Krumholz, Ieuan G. Mahony & Brian J. Colandreo, Holland & Knight LLP

Initial Coin Offerings: A comparative overview of securities regulatory environments in the US, UK and Asia Pacific Justin Cooke, Richard Cohen & Jason Denisenko, Allen & Overy LLP

The custody of digital assets Jay G. Baris, Shearman & Sterling LLP

Mutually assured disruption: The rise of the security token Joshua Ashley Klayman, Klayman LLC & Inflection Point Blockchain Advisors, LLC

Cryptocurrency and other digital assets for asset managers Gregory S. Rowland & Trevor I. Kiviat, Davis Polk & Wardwell LLP

The yellow brick road for consumer tokens: The path to SEC and CFTC compliance David L. Concannon, Yvette D. Valdez & Stephen P. Wink, Latham & Watkins LLP

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Custody and transfer of digital assets: Key U.S. legal considerations Michael H. Krimminger, Colin Lloyd & Sandra Rocks Cleary Gottlieb Steen & Hamilton LLP

121

An introduction to virtual currency money transmission regulation Michelle Ann Gitlitz & Grant E. Buerstetta, Blank Rome LLP

132

The rise of the crypto asset investment fund: An overview of the crypto fund ecosystem Jonathan Cardenas, Yale Law School

149

Cryptocurrency compliance and risks: A European KYC/AML perspective Fedor Poskriakov, Maria Chiriaeva & Christophe Cavin, Lenz & Staehelin

163

Aspects of state securities regulation Greg Strong & Rodrigo Seira, DLx Law, LLP

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The regulation of blockchain technology Joseph F. Borg & Tessa Schembri, WH Partners

188

Country chapters Argentina Australia Austria Belgium Bermuda British Virgin Islands Canada Cayman Islands China Cyprus Estonia France

Juan M. Diehl Moreno & Santiago E. Eraso Lomaquiz, Marval, O’Farrell & Mairal Peter Reeves & Georgina Willcock, Gilbert + Tobin Ursula Rath & Thomas Kulnigg, Schönherr Rechtsanwälte GmbH Muriel Baudoncq & France Wilmet, Janson Baugniet Michael Hanson & Adam Bathgate, Carey Olsen Bermuda Clinton Hempel & Mark Harbison, Carey Olsen

193 198 209 216 226 237

Conrad Druzeta, Simon Grant & Matthew Peters, Bennett Jones LLP 243 Alistair Russell & Dylan Wiltermuth, Carey Olsen 254 Lefan Gong & Luping Yu, Zhong Lun Law Firm 262 Karolina Argyridou, K. Argyridou & Associates LLC 268 Priit Lätt & Carel Kivimaa, PwC Legal 273 Christophe Perchet, Juliette Loget & Stéphane Daniel, Davis Polk & Wardwell LLP 283 Germany Dennis Kunschke & Dr. Stefan Henkelmann, Allen & Overy LLP 292 Gibraltar Joey Garcia & Jonathan Garcia, ISOLAS LLP 305 Guernsey David Crosland & Felicity White, Carey Olsen LLP 314 Hong Kong Yu Pui Hang, L&Y Law Office / Henry Yu & Associates 325 India Ashwin Ramanathan, Anu Tiwari & Rachana Rautray, AZB & Partners 335 Ireland Maura McLaughlin, Pearse Ryan & Caroline Devlin, Arthur Cox 342 Japan Taro Awataguchi, Anderson Mōri & Tomotsune 349 Jersey Christopher Griffin, Carey Olsen 359 Korea Jung Min Lee, Samuel Yim & Joon Young Kim, Kim & Chang 367 Liechtenstein Dr. Ralph Wanger & Laura Johann, BATLINER WANGER BATLINER Attorneys at Law Ltd. 373 Malta Malcolm Falzon & Alexia Valenzia, Camilleri Preziosi Advocates 378 Mexico Juan Carlos Tejado & Miguel Gallardo Guerra, Bello, Gallardo, Bonequi y Garcia, S.C. 386 Netherlands Björn Schep, Christian Godlieb & Willem Röell, De Brauw Blackstone Westbroek 395 Portugal Filipe Lowndes Marques, Mariana Solá de Albuquerque & João Lima da Silva, Morais Leitão, Galvão Teles, Soares da Silva & Associados, Sociedade de Advogados, SP, RL 403 Russia Vasilisa Strizh, Dmitry Dmitriev & Anastasia Kiseleva, Morgan, Lewis & Bockius LLP 412 Singapore Franca Ciambella, En-Lai Chong & YingXin Lin, Consilium Law Corporation 420 South Africa Angela Itzikowitz, Ina Meiring & Era Gunning, ENSafrica 432 Spain Alfonso López-Ibor, Pablo Stöger & Zhongbo Jin, Ventura Garcés & López-Ibor Abogados 438 Switzerland Daniel Haeberli, Stefan Oesterhelt & Urs Meier, Homburger 443 Taiwan Robin Chang & Eddie Hsiung, Lee and Li, Attorneys-at-Law 454 UAE Joby Beretta, The Bench 459 United Kingdom Simon Lovegrove & Albert Weatherill, Norton Rose Fulbright LLP 469 USA Josias Dewey, Holland & Knight LLP 479 Venezuela Luisa Lepervanche, Mendoza, Palacios, Acedo, Borjas, Páez Pumar & Cía. (Menpa) 488

Mexico Juan Carlos Tejado & Miguel Gallardo Guerra Bello, Gallardo, Bonequi y García, S.C. Introduction This current March in Mexico, the financial authorities, the financial sector (traditional), and the fintech industry, took a great step forward with the enactment of the Law to Regulate Financial Technology Institutions (Fintech Law). Together with the enactment of this law, nine laws related to the financial sector were amended and, therefore, the focus is on publishing and amending several other secondary provisions issued by the financial and monetary authorities in the country. Mexico is the first country to enact a specific compendium of legal provisions to govern different actors in the fintech industry (crowdfunding, e-money, cryptocurrency operators and experimental platforms – sand box), a fast-growing sector, either by: (1) improving the low levels of financial inclusion in Mexico; and/or (2) a radical change in the needs and customs of a growing generation of new bank service users; and/or (3) the technological advances, and specifically the use of mobile devices. Fintech Law is the first step forward in acknowledging the importance and relevance that the fintech industry is gaining, providing legal certainty to its participants, foreseeing/ mitigating risks and illegal operations of money laundering, and bringing financial services and solutions closer to unattended people and sectors. The law is based on six principles: • Financial inclusion and innovation. • Promotion of competence. • Consumer and user protection. • Technology neutrality. • Preserving financial stability. • Preventing illegal operations. Fintech Law sets forth the basis and a minimum regulation; it is a flexible and adaptable legal instrument that will be supported by more than 30 secondary provisions to be issued by the financial authorities (the Ministry of Finance [SHCP for its abbreviation in Spanish], Banco de México (Mexico’s Central Bank), the National Banking and Securities Commission [CNBV for its abbreviation in Spanish], the National Commission for the Protection and Defence of Financial Service Users, the National Insurance and Bonding Commission and the National Retirement Savings System Commission) – these with terms of 6, 12 and 24 months for their publication. We believe this is a flexible and adaptable instrument because, when supported by secondary provisions, it does not require a long legislative process to be amended. Thus, the authorities may adapt them to the conditions established by both the sector and the new technologies. GLI – Blockchain & Cryptocurrency Regulation 2019, First Edition

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Fintech Law governs services, organisation, operation and transactions rendered by Financial Technology Institutions (ITFs), such as: (1) Joint Funding Institutions [IFC, for its abbreviation in Spanish] (Crowdfunding); (2) Payment Funds Institutions [IFPE, for its abbreviation in Spanish] (e-wallets and cryptocurrency exchanges); and (3) novel models and sandboxes, which are those institutions using business models and/or technologies and/ or tools and technology means which require a level of maturity or which are different from those currently existing in the market. Fintech Law also: (1) acknowledges and defines virtual assets (cryptocurrencies) and sets forth the operations that ITFs and some traditional financial entities (Banks) can make with these virtual assets (with prior authorisation by Banco de México and the CNBV); and (2) sets forth the rules to make ITFs work with programming interfaces and applications (APIs), which allow for connectivity of digital financial services. Finally, the law sets forth a regulatory framework for administrative and criminal sanctions for cases infringing the provisions thereof or secondary provisions. Likewise, the law establishes rules to integrate cross-sector committees (which shall comprise representatives from SHCP, Banco de México and the CNBV), the creation of the Grupo de Innovación Financiera (the Financial Innovations Group, which shall comprise members of both the public and private sector) and the creation of trade associations for each ITF. It is evident that the success of Fintech Law is linked to the issue of secondary provisions and to the authorities’ awareness of the risk of generating unnecessary regulatory burdens that render sector growth impossible. However, to date, the willingness of all authorities to listen and to work together with everyone involved, the growth of capital investment in the sector, and the interest in new generations of clients/users of financial services, lead us to believe that we are on the right road to consolidate the fintech industry in Mexico, without setting aside cryptocurrencies and blockchain-based technology, which are of great importance to this process. Goverment attitude and definition As we described above, the Mexican authorities have given cryptocurrencies a formal acknowledgment and definition as a Virtual Asset in the Fintech Law. For regulatory purposes:1 “[…] Virtual asset is the representation of value electronically recorded and used among the public as payment means to any kind of legal acts and which transfer can solely be carried out by electronic means. In any case, a virtual asset will be of legal tender in the national territory, a foreign currency or any other asset denominated in a legal tender or foreign currency.” That is, Virtual Assets have two functions according to the Mexican authorities: • of investment (representing value); and • to transfer value as a payment method (used among the public for all types of legal acts). Banco de México shall be – by secondary provisions – the authority that will determine which Virtual Assets ITFs may operate (especially IFPE Exchange), and which banks.2 Banco de México shall consider at least the following aspects when determining which Virtual Assets are liable to operate in the country: • The use made by the public of the digital units as a means of exchange and valuestorage (investment), as well as the account unit (as means of payment). GLI – Blockchain & Cryptocurrency Regulation 2019, First Edition

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• •

The treatment other jurisdictions give to special digital units like Virtual Assets. The mechanisms, rules or protocols allowing for generating, identifying, fractioning and controlling mirroring of digital units. Mexican authorities, and in particular Banco de México as the authority responsible for the country’s monetary system, do not consider Virtual Assets to be legal tender (fiat currency) in Mexico, as set forth in the second part of the definition of Virtual Assets above-mentioned. “[…] In no case a virtual asset shall be the legal tender in the national territory, foreign currency or any other asset in legal tender or foreign currency. […]” Likewise, Banco de México in two press releases (March 20143 and December 20174) warns about the use of Virtual Assets and Initial Coin Offerings schemes. As Virtual Assets represent a significant difference in regard to fiat currencies in Mexico, Banco de México establishes in such releases the following: • They are not legal tender in Mexico, as Banco de México neither issues nor backs them. • They do not have the power to free debts from payment obligations; therefore, their function as payment means is not secured, as shops and people are not obliged to accept them. • Banco de México neither regulates nor monitors them. • Institutions governed by the Mexican financial system are not authorised to use them or to carry out transactions with them (unless they are previously authorised in terms of Fintech Law and the secondary provisions). • In other jurisdictions, their use has been appointed for illegal operations, including fraud and money laundering. • There is no guarantee or regulation assuring consumers or shops that by acquiring this type of asset, they may further recover their money. Moreover, as there is no identifiable organisation that issues these assets or a third party accepting obligations arising therefrom, a legal resource would hardly be upheld in case of loss. • The price in Mexican pesos or in terms of other currencies, as determined by people accepting to trade this asset, has shown great volatility. This is a consequence of its highly speculative nature and of the high sensitivity of its price to changes in the trust of users (for example, technology changes, emergence of new virtual assets, legal restrictions, etc.). As a consequence, acquiring and using these assets involve a high depreciation risk and, thus, monetary losses. Based on the above, Article 34 of Fintech Law sets forth that ITFs operating with Virtual Assets must inform customers that: • the virtual asset is not legal tender and not backed by the Federal Government or by Banco de México; • it is impossible to revert operations once executed, where applicable; • Virtual Assets suffer from volatility of value; and • technology, cybernetics and fraud risks are inherent to Virtual Assets. Regulation of cryptocurrencies As we mentioned in the introduction, in March 2018 Fintech Law was enacted. This Law does not attempt to govern the issue, procedure, circulation or quotation of technology GLI – Blockchain & Cryptocurrency Regulation 2019, First Edition

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supporting cryptocurrency, but the operation of operators or intermediaries, in this case Payment Fund Institutions [IFPE] and Banks previously authorised by Banco de México. It is important to mention that Fintech Law does not aim at regulating the use individuals give to cryptocurrencies or to Virtual Assets. Payment Fund Institutions [IFPE] and Banks that were previously authorised by Banco de México may solely operate cryptocurrencies or virtual assets that have been approved by Banco de México. Sales regulation As a consequence of the enactment of Fintech Law, some Articles of the Securities Market Law were amended to the effect that: (a) the offer and intermediation of securities or instruments that ITFs operate with shall be regulated by Fintech Law instead of the Securities Market Law; and (b) investment advisors’ operation is updated in regard to automated investment counselling and management services. These amendments allow Crowdfunding Institutions (IFC or crowdfunding) to network with individuals in order to participate in debt, capital or royalty schemes, without going through the process of an Initial Public Offering (IPO). Therefore, selling cryptocurrencies, tokens linked to these latter or to derivative financial instruments owning Virtual Assets as underlying assets, are not regulated by the Securities Market Law or by the provisions related to derivatives (swaps or futures). Fintech Law sets forth that ITFs can only participate in the operation, design or marketing of derivative financial instruments with Virtual Assets as underlying assets, in case Banco de México authorises secondary provisions. It is important to point out that financial authorities (SHCP, CNBV and Banco de México) issued a bulletin warning about the risks associated with virtual assets and ICOs in December 2017. This bulletin establishes that ICOs related to a Security Token can be considered as securities under the terms of the Securities Market Law. Therefore, ICOs should be subject to register with the National Securities Registry and when not meeting with the provisions, this could be considered an administrative fault and, in some instances, an offence. Taxes As of today, there are no specific rules in Mexico establishing the tax treatment arising from earnings from operations carried out using cryptocurrencies on income tax matters. As we mentioned above, Fintech Law does not govern cryptocurrencies, but regulates the exchanges [IFPE] and Banks authorised by Banco de México to operate with Virtual Assets. Thus, any provision on tax matters was amended. Tax treatment of cryptocurrencies, therefore, is subject to general tax regulations. Tax experts have opined that regardless of the operation carried out, management of cryptocurrency involves an implicit effect of foreign exchange gain to accruals, whereas others suggest that this refers to gains from selling goods, which should not be subject to any exchange effect. In regard to the first assumption, the Income Tax Law sets forth that those exchange profits or losses caused by the fluctuation of foreign currency shall be treated as of interest. These will be determined based on the type of exchange published by Banco de México in the Federal Official Gazette. GLI – Blockchain & Cryptocurrency Regulation 2019, First Edition

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This treatment would seem to acknowledge cryptocurrencies as foreign currency which, in our opinion, among other aspects, would be incorrect. There is no official exchange issued by Banco de México for the purpose of determining an exchange gain from operations carried out using such Virtual Assets. Therefore, we believe that income from cryptocurrency should be acknowledged as gain on sale of assets. This, under the terms of the law under discussion, will be determined by individuals or bodies corporate, acknowledging the differences between the selling price and the income earned and the amount of acquisition or cost. Such treatment shall allow for acknowledging an increased equity arising from operations using cryptocurrencies at the time of selling those virtual assets. Thus, in our opinion, this would be the best treatment applicable to operations under discussion. In this connection, and in view of the increasing importance of operations using cryptocurrency, we should wait for regulations clearly establishing the tax treatment for these operations, as they are part of the current market. Provisions in regard to laws against money laundering By virtue of the enactment of Fintech Law, the Federal Law to Forecast and Identify Operations Using Illicit Proceeds was amended, so that the ITFs and, in particular, the exchanges (IFPS) may be considered financial entities that shall fully comply with the provisions set forth in the aforementioned Law. Thus, the ITFs using Virtual Assets shall establish the measures and procedures to prevent and identify omissions or operations to finance operations with illicit proceeds, namely: identifying customer safeguarding information; internal training; use of automated systems; establishing structures and internal manuals; appointing compliance officers; and carrying out an annual audit. Likewise, the SHCP via the CNBV should receive reports about: (1) acts, financial operations or operations related to payments made and services rendered by their clients as well as by those allegedly carrying out operations financing terrorism or operations using illicit proceeds; and (2) acts, operations or services carried out by members of the Board of Directors, directors, officers, employees and true-and-lawful attorneys that may be allocated under the assumption of operations financing terrorism or operations using illicit proceeds. The SHCP shall issue secondary provisions related to guidelines that need to be met by ITFs in regard to: •

Clients’ proper knowledge.

•

Information and documentation that shall be collected to carry out operations and render services.

•

The terms and conditions on which personnel need to be trained.

•

Characteristics of automated systems.

•

Establishing communication and control committees.

•

Characteristics and functions of the compliance officer.

•

The terms of the annual audit.

ITFs shall be obliged to cooperate and share information among themselves and with other financial entities (traditional), to strengthen the detection of operations using resources from illicit proceeds. GLI – Blockchain & Cryptocurrency Regulation 2019, First Edition

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Promotion and testing Those involved in the process of preparing Fintech Law realised that legal standards and their secondary provisions will never adapt or change to the rhythm and speed with which technology advances and new and innovative business models constantly go public. Consequently, the law provides for a flexible legal framework that allows for the emergence, evolution and consolidation of new product and/or service-based business models, without complying with all regulatory burdens. ITFs, financial entities (traditional) or any other individual may get authorisation by Financial Authorities to temporarily carry out operations or activities through “Novel Models” which exercise requires authorisation, registration or concession pursuant to Fintech Law or by any other financial law; that is, the law provides for a similar scheme to that sandbox established somewhere else. The law sets forth that: […] “Novel Model is that which in order to render financial services uses tools or technology means with different fashions to those already existing in the market at the time of temporarily authorising under the terms set forth in this Law” […] Thus, any individual – related to Fintech Law or not – shall submit before the authority any Novel Model, supported by Virtual Assets or cryptocurrencies. In order to grant authorisations, authorities shall consider Novel Models to be those which: (a) financial service/product uses tools or technologies different from those of the market; (b) benefits clients receive for using the service/product are clear in regard to existing products in the market; (c) product is in a condition to enter the market once authorisation is delivered; (d) needs to be refined to a limited market; or (e) considers the opinion of all the financial authorities that may be involved. Authorisations may be temporarily granted: •

to unregulated individuals or bodies corporate for a period of two years (may be extended by one more year); and

•

to ITFs and regulated entities for a period of one year (extendable for one more year).

Individuals receiving authorisation to operate Novel Models shall submit to the authorities reports related to their operations and comply with the provisions against money laundering. Ownership and licensing requirements Fintech Law does not provide for any limit, so investment managers may operate with Virtual Assets either on their own or on account of their clients. There is no requirement by authorities for investment advisors or fund managers to operate with Virtual Values. Nevertheless, Fintech Law establishes that Banco de México shall establish the conditions and restrictions for operations and other acts that may be carried out using Virtual Assets. Likewise, ITFs are forbidden to sell, assign or transfer ownership, loan or to have as collateral Virtual Assets in custody, save in case of sale or allocation by express order by the client/user. GLI – Blockchain & Cryptocurrency Regulation 2019, First Edition

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Mining As we said in the introduction, Fintech Law does not attempt to govern the issue, process, circulation, quotation or technology by which cryptocurrencies are supported, but the performance of their operators and intermediaries. In this case, Payment Funds Institutions [IFPEs] and Banks need to be prior authorised by Banco de México. Therefore, mining activities of cryptocurrencies are not subject to the law in effect in Mexico. Border restrictions and statements Fintech Law does not provide for any restriction due to the origin or nationality of the issuer of cryptocurrencies, but Banco de México is the authority responsible for determining which Virtual Assets may be operated and marketed in the national territory. It is important to point out that operations carried out by ITFs or Banks using cryptocurrencies not authorised by Banco de México will be considered as a vulnerable activity, which may have an administrative and criminal impact. Reporting requirements The regulatory framework to avoid money laundering for ITFs is the same as that for any financial entity in Mexico. Thus, ITFs shall submit to the CNBV or the SHCP as described above. Due to the above, ITFs shall submit to the financial authorities at least the following reports related to operations classified as follows: •

Relevant (for an amount in cash equal or over US$5,000.00).

•

Unusual (operations beyond the profile or regular behaviour of a client, taking into account the amount, frequency, type of operation, origin and allocation of funds).

•

Internal concerns (acts or omissions that ITFs’ counsellors, directors or officers are involved in and which may contravene internal policies, secondary provisions or laws related to avoiding money laundering).

It is important to point out that secondary provisions eventually issued by the CNBV may establish ITFs’ obligation to submit other reports and information to avoid money laundering. Estate planning and intestate succession IFPE (exchanges) clients may appoint beneficiaries in case of death of the account owner or holder and may replace them at any time as well as amend, where applicable, the relevant percentage to each beneficiary. In the event no beneficiaries are appointed, the amount corresponding to electronic payment funds shall be delivered under the terms of the common legislation, in the event of the death of the account holder of the beneficiary. Challenges and conclusions Mexico took a decisive step to consolidate the fintech sector by enacting Fintech Law. However, there is a lot to do by each and every participant in the sector: •

to make secondary provisions adapt to the needs, changes and evolution of the fintech sector and not to become a burden for participants;

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•

to continue with the principle of regulating activities by participants and not to try to regulate or to restrict technology or trends being uncontrollably presented in the world to lead to innovation for the benefit of clients/users; • to give legal certainty or a clear regulatory framework to their vertical fintech sector (e.g. segtech, regtech, ICO, Tokens, etc.); • to generate incentives for APIs’ implementation by fintech and financial entities; • to generate communication structures to inform clients/users of financial services about the advantages of the fintech sector; and • to generate a financial ecosystem to allow for the use of technology advances to benefit other sectors (e.g. blockchain). The purpose is that the country should benefit from an innovative and flexible regulatory framework and a fintech sector motivated to participate, aimed at: • encouraging financial inclusion; • reducing transaction costs and time for the benefit of clients/users who still do not have access to the financial system; • achieving healthy competition in the financial sector; and • generating and adopting innovative business technologies and models. *** Endnotes 1. 2. 3. 4.

Article 30 of Fintech Law, http://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF _090318.pdf. Article 88 of Fintech Law. http://www.banxico.org.mx/informacion-para-la-prensa/comunicados/miscelaneos/ boletines/%7B5D9E200E-2316-A4B8-92A9-3A5F74938B87%7D.pdf. https://www.gob.mx/shcp/prensa/las-autoridades-financieras-advierten-de-los-riesgosasociados-al-uso-de-activos-virtuales.

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Juan Carlos Tejado Tel: +52 55 5292 5232 / Email: jctejado@bgbg.mx Attorney at Law from Universidad Iberoamericana, with a specialty in Commercial Law from Escuela Libre de Derecho; studied an MBA-MEDE and the Private Capital Administration Program (ADECAP), both from the Instituto Americano de Altra Dirección de Empresas (IPADE). With over 20 years’ experience in the negotiation and operation of investment vehicles and projects related to private capital, Juan Carlos Tejado has worked as the legal director of Umbral Capital, of Grupo ICON, Grupo Irradius, and of Invexcor. Since 2015, he has been a partner at Bello, Gallardo, Bonequi y García S.C. (“BGBG”) where he works as managing partner of the Venture Capital and Real Estate Area. Miguel Gallardo Guerra Tel: +52 55 5292 5232 / Email: mgallardo@bgbg.mx Attorney at Law from Universidad Iberoamericana, with an LL.M. degree from New York University School of Law in Comparative Jurisprudence (Fulbright scholar, Funed scholar and Conacyt scholar, 2001). An Insurance Contract Expert certified by the National Insurance and Bonding Commission; AML Expert certified by the National Banking and Securities Commission, Miguel Gallardo Guerra has been appointed as: (i) a member of several boards of directors; and (ii) an external compliance officer by banking and financial institutions in Mexico. He is currently managing partner of the Banking and Financial area and of the Compliance Services Practice Group at Bello, Gallardo, Bonequi y García, S.C. (“BGBG”).

Bello, Gallardo, Bonequi y García, S.C. Agustin Manuel Chávez 1-101, Centro Ciudad Santa Fe, Ciudad de México, 01210, Mexico Tel: +52 55 5292 5232 / URL: www.bgbg.mx GLI – Blockchain & Cryptocurrency Regulation 2019, First Edition

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