Mexico may not have been an active spot for ICOs, that is about to change with the announcement in November of a pre-sale by Beluga Pay, a major payment processing company in the country. Beluga has already scheduled their ICO launch in March 2018 but that is about to change because the Mexican authorities have made statements indicating that ICOs may be illegal in the country. This may well be similar to actions taken by the Chinese and South Korean governments, both of which have banned the crowdfunding activities used by startups to fund their concepts.
In a statement, the Mexican financial Authorities said that there are not yet ICOs whose companies are domiciled in the country. However, that is about changing as Beluga Pay announced on their website that the company is based somewhere in Mexico. A subsidiary of the company Espiral Technologies de Mexico SA De CV is a provider of POS services to Banorte, a Mexican bank. In promoting their ICO, Beluga Pay linked some major businesses in Mexico as partners and said their interest is to place Mexico on the map of digital assets friendly countries. But with the recent statement by the authorities, it doesn’t seem as if the country known for apathy to digital technology is interested in being placed on any maps.
Generally, lack of investment in digital technology seems to be the bane of cryptocurrency growth in the country. This is fueled by the suspicion that people are likely to lose their investments in such digital assets. The Beluga Pay blog posted that this situation has arisen because people are not being properly trained to realize the potentials in digital currencies.
Beluga Pay is a payment processing company that intends to raise funds through their ICO to integrate cryptocurrency payment on their platform. According to the company, they intend to embed fiat and cryptocurrency on their platform as well as expand into foreign markets. With the stance of the Mexican authorities, the fate of the upcoming ICO will determine to a large extent, the direction of Mexican crypto community.