Mexico has secured its spot in the top 20 countries in the world for crypto adoption in 2023, ranking 16th globally based on total transaction volume. Within Bito’s platform, a Mexican crypto exchange with 8 million users worldwide, crypto adoption in Mexico increased by 18% year-on-year. This indicates a promising trend towards embracing virtual currencies in the region.
According to Coinpedia’s report, Mexico has seen significant progress in crypto adoption, moving up 12 positions in the past year to reach the 16th spot in the Global Crypto Adoption Index by Chainalysis. However, regulatory concerns remain a hindrance to full adoption in Mexico, particularly due to the lack of a comprehensive regulatory framework from Banxico, the country’s central bank.
Crypto Regulations In 2024
Mexico’s primary regulatory framework for financial entities dealing with virtual currencies is the “Law Regulating Financial Technology Institutions,” also known as the Fintech Law. This law defines virtual assets and sets requirements for financial institutions operating with these assets internally.
In addition, the Mexican Central Bank (Banxico) has issued Circular 4/2019, which outlines the characteristics of virtual assets, as well as the terms, conditions, and restrictions applicable to transactions carried out by financial institutions. Non-financial entities handling virtual assets are subject to Mexico’s anti-money laundering/counter-terrorist financing regulations.
Despite the principle of technological neutrality in the regulatory framework, Mexican financial authorities have taken a cautious approach towards virtual assets, maintaining a “healthy distance” between these assets and the country’s financial system. Virtual assets are not considered legal tender in Mexico, and financial institutions must obtain prior authorization from Banxico for operations involving virtual assets.
Skattlagning
Mexico currently does not have specific tax regulations for cryptocurrencies. The FinTech Law clarifies that crypto is not illegal but also not legal tender. Therefore, crypto transactions in Mexico are treated as movable property rather than cash or currency, and are subject to taxation on the net profit received from crypto sales or exchanges.
Capital gains from crypto transactions are taxed at varying rates from 1.92% to 35%, with capital gains below MEX$ 90,000 being exempt from taxes. This exemption applies to a significant number of crypto transactions in Mexico.
Legal Status Overview
In Mexico, Bitcoin is recognized as a legitimate means of payment and value transfer, but it is not considered legal tender. Transactions involving Bitcoin and other cryptocurrencies are legal in Mexico, including mining, trading, DeFi, and NFTs.
Framtíðarhorfur og áskoranir
Mexico’s rise to the 16th spot in global crypto adoption based on transaction volume indicates a growing interest in decentralized services and P2P exchanges. With increasing crypto usage and blockchain innovations, Mexico is poised to become a key player in the Latin American digital currency landscape.
As Mexico continues to embrace cryptocurrency, it has the potential to become a prominent player in the Latin American crypto market.
#Crypto #Regulations #Mexico
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- Heimild: https://cryptoinfonet.com/regulation/regulatory-landscape-for-cryptocurrencies-in-mexico-in-2024/
