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As part of the decree, bookings on ride-hailing apps such as Uber and Cabify must be made 15 minutes prior to pick-up.
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The bill put forward by the country's executive branch would classify platforms like Uber and Lyft as public services
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FastGo is attempting to reach 2 million users and 100,000 drivers in its first year of operations in the country.
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The surcharge fee would have raised the price of a Lyft or Uber ride by $2.75 and a taxi ride by $2.50 in Lower Manhattan.
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Santa Monica, Calif.-based Fair recently partnered with Uber to rent out vehicles to the ride-hailing company's drivers.
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In February 2017, Uber ended operations in Taiwan, but returned in April with an updated business model that included partnering with car rental companies.
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Although Lyft trails Uber in terms of value and market reach, experts said beating Uber to IPO will give Lyft an advantage, as the added attention will cement Lyft as a viable alternative to Uber.
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Critics of the minimum wage mandate, mainly ride-hailing companies, say that the proposal will make rides more expensive.
Read More →The program, a partnership between Uber and Getaround, launched for drivers in San Francisco in May.
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If the San Francisco-based ride-hailing app goes public with that value, it would be worth three times as much as Ford, and more than twice as much as Tesla.
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