Background on the Importance of Cryptocurrency Regulation in Mexico
Mexico ranks 14th globally in cryptocurrency adoption, according to Chainalysis. However, the country still lacks comprehensive regulations that clearly define how these digital assets should be treated, including taxation aspects. This lack of guidelines forces users to interpret regulations on their own, increasing uncertainty within the sector.
Current Regulatory Stance and Progress
The Blockchain Latam Report 2025, developed by Sherlock Communications, highlights that Mexico’s regulatory approach has been cautious and progressive supervision, primarily supported by the 2018 Fintech Law. This law recognizes cryptocurrencies as “virtual assets” valid for electronic transactions, allowing exchange platforms and sector companies to operate under regulated conditions if they register and comply with Anti-Money Laundering (AML) provisions, including reporting any transaction exceeding $2,500.
However, no specific reforms for cryptocurrencies have been approved until the first half of 2025, reflecting the conservative stance of authorities. The Bank of Mexico (Banxico) continues to supervise digital asset policies and has maintained a “healthy distance” stance. Simultaneously, the central bank works on developing its own digital currency, the peso digital, whose launch was initially planned for late 2024 but remains undetermined due to various delays.
Regulatory Warnings and Lack of Binding Provisions
Meanwhile, organizations like the National Banking and Values Commission (CNBV) have issued warnings about cryptocurrency volatility and associated fraud risks without establishing new binding provisions.
Comparison with Other Countries’ Progress
While Mexico maintains a cautious stance, other countries have made strides in defining regulatory frameworks. In the United States, for example, the Genius Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) was introduced, aiming to establish the first comprehensive federal framework for stablecoin payment backed by the dollar.
In Latin America, Argentina has a legal framework in place, and Colombia is also analyzing proposals to regulate this sector and provide greater legal certainty for users and businesses.
Tax Clarity: A Necessity
Urgent Need for Clear Tax Regulations:
The report emphasizes the importance of having clear tax rules, as Mexico’s current fiscal codes do not explicitly address income related to cryptocurrencies.
There is no specific law; general tax principles are applied. Gains from cryptocurrency transactions are considered income or capital gains.
Mexico maintains a neutral position, allowing activities under the Fintech Law without imposing severe prohibitions, which has fostered a robust ecosystem.
Key Questions and Answers
- What is the current regulatory status of cryptocurrencies in Mexico? The regulatory approach in Mexico is cautious and progressive, primarily supported by the 2018 Fintech Law. However, no specific reforms for cryptocurrencies have been approved until the first half of 2025.
- How do Mexican authorities view cryptocurrencies? Authorities maintain a conservative stance, supervising digital asset policies through the Bank of Mexico (Banxico). They are also developing their own digital currency, the peso digital.
- What warnings have been issued regarding cryptocurrencies in Mexico? The National Banking and Values Commission (CNBV) has warned about cryptocurrency volatility and associated fraud risks without establishing new binding provisions.
- How does Mexico’s regulatory approach compare to other countries? While Mexico remains cautious, countries like the United States and Argentina have made progress in defining regulatory frameworks for cryptocurrencies.
- What is the current state of tax regulations for cryptocurrencies in Mexico? There are no specific tax laws addressing cryptocurrency-related income. General tax principles apply, and gains from cryptocurrency transactions are considered income or capital gains.
