Mexico’s lower house of Congress has passed a new bill to regulate the financial technology sector setting out definite rules for crowdfunding and cryptocurrency firms.

The bill was already approved by the upper chamber Senate in December last year and will be enacted into a law following the signature of Mexican President Enrique Pena Nieto.

The bill is formulated to ensure financial stability, prevent money laundering as well as encourage the rapidly growing financial technology sector.

It is expected to bring multiple issues such as crowdfunding, payment methods and rules surrounding cryptocurrencies including bitcoin under a regulatory framework as well as encourage open banking.

Open banking allows the financial firms to share user information through public application programming interfaces (APIs), thereby facilitating competition in the industry.

It enables the small and medium-sized banks to use information from the customers of the larger banks, subject to user approval.

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Besides increasing competition, open banking is expected to boost inclusion, reduce associated costs and better services.

After this bill becomes a law, the regulators will start devising secondary laws related to the sector setting out specific details.

The new law sets out the general terms pertaining to the sector, while the key details will be formulated by the Mexican central bank, finance ministry and its banking and securities regulator.