Cryptocurrency Regulations and Laws in Mexico
Discover cryptocurrency regulations in Mexico. Learn how virtual assets are regulated under the Fintech Law, how exchanges are registered, and how crypto activities like trading and mining are taxed and reported.
Mexico has taken a moderately open approach to cryptocurrency, promoting fintech innovation while implementing safeguards under its Fintech Law. Crypto is not legal tender but is recognized, regulated, and taxed under specific frameworks.
Summary
Cryptocurrencies are legal in Mexico and recognized as virtual assets under the Fintech Law (2018). Crypto trading and custody services must register with the National Banking and Securities Commission (CNBV). Taxation applies to gains, and anti-money laundering (AML) rules apply to service providers.
Legal Status
- General Use: Legal
- Trading: Legal and regulated
- Exchanges: Legal; must register with CNBV and comply with Fintech Law
- Mining: Legal and unregulated
- ICOs & Tokens: Allowed; registration may be required if considered securities
- NFTs: Legal and treated as virtual assets; may be taxable
Taxation
The Mexican Tax Administration Service (SAT) treats crypto as taxable property. Income from crypto activities is subject to income and capital gains tax.
- Capital Gains Tax: Yes – taxed as part of personal income
- Income Tax on Crypto Earnings: Yes – applies to mining, trading, staking, remuneration
- Mining Taxation: Considered business income earning and taxed accordingly
- Reporting Requirements: Mandatory – individuals and businesses must report crypto-related income
Regulatory Bodies
- National Banking and Securities Commission (CNBV): Regulates and registers crypto exchanges and wallets under the Fintech Law
- Bank of Mexico (Banxico): Monitors the financial system and has issued warnings about crypto
- Tax Administration Service (SAT): Manages taxation and reporting of virtual asset gains
Key Regulations & Laws
- 2018 Fintech Law (Ley Fintech): Defines virtual asset service providers (VASPs) and licensing rules
- CNBV Registration Requirement: Exchanges and providers must register and comply with AML/KYC standards
- 2020 Banxico Circular: Prohibited use of crypto as payment method
- Ongoing Rulemaking: CNBV continues to issue regulations to clarify operational and disclosure requirements
Timeline of Regulatory Milestones
| Year | Event | Description |
|---|---|---|
| 2018 | Fintech Law enacted | Establishes regulatory framework for virtual assets |
| 2019 | CNBV publishes VASP guidelines | Defines licensing and operational standards |
| 2020 | Banxico payment ban | Bans use of crypto for payment |
| 2021 | CNBV expands rules | Additional AML and conduct standards applied |
| 2025 | Updated Fintech Law drafts | CNBV reviewing enhancements for crypto stability |
Resources
- CNBV Virtual Assets Section
- Banxico Cryptocurrency Warnings
- SAT Crypto Tax Guidance
- Fintech Law (Ley Fintech) Text
Notes
- Travel Tip for Crypto Users: Crypto cannot be used to purchase goods or services legally but is allowed for investment and trading through regulated platforms.
- Local Adoption Trends: Adoption is growing, especially in P2P and remittance use cases, though regulated exchanges dominate the market.
- Language Notes: Official regulations and guidance are available in Spanish; secondary summaries are available in English.