A new bill is currently being worked on in Mexico known as the “Data Economy and Digital Environment Federal Law” locally called “Ley Federal de Economía Datificada y Entorno Digital”.

The main purpose of the Law is to develop and organize a local data ecosystem that would allow relevant participants to gather, organize and exchange information with a profitable view. The Law contemplates  three basic priorities, namely (i) promoting the creation of digital business ventures and enterprises, (ii) protecting consumer’s rights in digital environments, and (iii) establish a national network of digital enterprises and create governmental structures to continue promoting and strengthening the digital environments in Mexico.

The Law also intends to to protect consumers and users of digital services, especially from a non-discriminatory standpoint.

The Law defines “Digital Economy” as any digital activity that uses Internet as a primary source and may include the use of digital interfaces directed, or used for: (a) advertisement, (b) identifying users and allowing them to interact with other similar users, (c) data gathering and transmission, (d) sale of products and goods through digital means, and (e) the supply of digital content.

Any entity or business enterprise that falls within any of the activities deemed as digital economy must require prior registration with the relevant authority.

However, the bill provides that loan and credits will be excluded from the scope of such Law.

It will be interesting, however, to see how this Law would interact with currently enforced legislation, such as the Fintech law.