Mexico

Restricted

Virtual Asset (Activo Virtual) · Partial · #13 global adoption

Financial Technology InstitutionsBanksExchanges

Comprehensive framework N/A CASP / VASP regime Unregulated Licensing N/A AML / CFT Approved · 2018 Stablecoins Unregulated · Unregulated CBDC In progress Consumer protection Unregulated Travel rule Partial Advertising rules No Taxation Taxed

Summary

Mexico's 2018 Fintech Law (Ley para Regular las Instituciones de Tecnologia Financiera) recognizes 'virtual assets' but Banxico, via Circular 4/2019 and subsequent statements, bars banks and fintech institutions from offering crypto products to clients, permitting only internal operations with prior authorization. Crypto is not legal tender; CNBV oversees licensing and Banxico oversees institutional interaction. Non-financial businesses may offer crypto services without a license but are subject to AML obligations under LFPIORPI, with the FIU (UIF) enforcing reporting. The practical result is a restrictive gray zone.

Timeline

2018: Fintech Law enacted, defining virtual assets. 2019: Banxico Circular 4/2019 restricts institutional crypto activity. 2023-2024: laws recognize blockchain's evidentiary value and use for electronic credit titles.