Mexican lawmakers creating the emerging fintech law (FTC) will address aspects of cryptocurrency Bitcoin, such as robo-advisors and crowdfunding that have little or no legal precedent in the world.

"Unlike other industries in the world, there are no guidelines, no best practices; there are no international standards, because it's something very new and few countries have regulated it," said Jaime González Aguadé, president of banking regulator (CNBV), in comments to local daily El Universal.

Aguadé recognizes the popularity of the new digital resource, which relies on encryption to verify transactions and regulate the creation of units and sees Bitcoin as a strong contender for use in Mexico.

"The [central bank] will be in charge of defining which will be used. I suppose Bitcoin, which is one of the best known, will be one of the first," he added.

Among the aspects being addressed in the FTC are requirements on sites allowed to sell Bitcoins online, including requiring them to provide details of risks and use prudential standards.

"There will certainly be many comments on the part of the industry," he added. "Once we receive them, we will come to agreement with the authorities over the comments we receive and afterwards, they will have to be sent by the finance ministry to congress, and there will be further discussion," said González Aguadé.

Another key aspect in the bill addresses the need for innovative companies already starting up or coming online to be able to gain temporary authorization from the FTC supervisory committee (an entity proposed in the bill) to work until the law has time to catch up with the technology.

The proposal would "allow these innovative firms to offer their services to a reduced number of clients and for a limited time," said the CNBV official. The system, often dubbed a 'sandbox' "is being implemented in several countries, with the UK being mentioned in particular."