Regulator: Banxico (Bank of Mexico) / CNBV (National Banking and Securities Commission) / SAT (Tax Administration Service)
Under the 2018 Fintech Law and Banxico’s Circular 4/2019, only authorised banks and financial technology institutions may operate with virtual assets, and only for internal purposes with prior Banxico approval. In Press Release No. 039/2021, Banxico, SHCP and CNBV clarified that virtual assets, including stablecoins, are not legal tender and that financial entities are not authorised to offer virtual‑asset or stablecoin services to the public, nor to raise deposits in MXN or foreign currency via stablecoin‑type schemes. Outside the regulated financial system, individuals and non‑financial companies can still operate crypto services subject mainly to AML/CFT obligations and general tax rules. Overall, the stance is deliberately conservative, aimed at keeping a ‘healthy distance’ between cryptoassets and the financial system to protect financial stability and the value of the peso.
Applicable Laws:
Law to Regulate Financial Technology Institutions (Fintech Law) - https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf
Circular 4/2019 on virtual-asset operations - https://www.banxico.org.mx/marco-normativo/normativa-emitida-por-el-banco-de-mexico/circular-4-2019/
Press Release No. 039/2021 – Banxico, SHCP and CNBV joint statement on virtual assets - https://www.banxico.org.mx/sistemas-de-pago/6--acciones-regulatorias-po.html
Iniciativa con Proyecto de Decreto – Activos Virtuales Estables referenciados en Moneda Nacional (Murat AVE initiative, LXVI Legislature) - https://www.linkedin.com/posts/elocadenas_proyecto-reg-stablecoin-mexico-ugcPost-7457870291126452224-CfYI?utm_source=share&utm_medium=member_desktop&rcm=ACoAACGR1oMBhr4MFzclkitKpP4UlpeNvhXLI8o
Iniciativa de reforma – artículo 30 Ley para Regular las ITF y Ley Monetaria de los Estados Unidos Mexicanos (crypto legal-tender bill) - http://sil.gobernacion.gob.mx/Archivos/Documentos/2024/12/asun_4825482_20241213_1733857754.pdf
