Dec, 29 2025
If you're trading or investing in cryptocurrency in Mexico, you need to understand one thing: crypto isn't illegal-but the rules around who can offer it and how they must report it are strict, complex, and constantly evolving. The National Banking and Securities Commission (CNBV) doesn't ban crypto. It controls who can touch it, how they handle it, and what they must report. For most people, this means the difference between using a crypto exchange safely and running into legal trouble.
What CNBV Actually Controls
The CNBV doesn’t regulate crypto like a currency. It regulates the institutions that handle it. Under Mexico’s 2018 Fintech Law, virtual assets are defined as digital representations of value used as payment, transferred only electronically. That’s it. No government backing. No legal tender status. Just digital tokens that people trade.
What CNBV does is license financial institutions-banks, fintech companies, and now digital agents-to offer crypto services. If a company wants to let you buy Bitcoin, store Ethereum, or trade altcoins, it must get CNBV approval. That’s the gate. No license? No legal service in Mexico.
As of 2025, only a handful of firms hold this license. Bitso is the most well-known, but others like Kriptomat and Bitso’s partners are also in the system. These companies must follow strict rules: track every user, verify identities, report suspicious activity, and keep records for at least five years.
The Banxico Roadblock
Here’s where it gets tricky. Even if CNBV gives a company a license, another agency-Banco de México (Banxico)-can shut the door. Banxico controls the actual operations of crypto services. Rule 4/2019 says banks and fintech firms cannot offer custody, exchange, or transmission of virtual assets unless Banxico explicitly authorizes them.
And as of December 2025, Banxico has not granted a single authorization under that rule. That means even licensed CNBV companies can’t legally let customers deposit or withdraw crypto directly from bank accounts. They can’t hold your Bitcoin for you. They can’t convert pesos to Ethereum in real time.
So what’s left? These firms operate as intermediaries. You buy crypto through them using bank transfers, but the actual digital assets are held off-platform-in cold wallets controlled by third-party custodians. You own it, but the company doesn’t touch it directly. This setup was designed to reduce systemic risk, but it makes the experience clunky. If you’re used to Coinbase or Binance, Mexico’s system feels like walking through molasses.
Anti-Money Laundering: The Real Focus
CNBV’s main job isn’t to stop you from trading. It’s to stop criminals from using crypto to hide money. That’s why every licensed firm must follow strict AML and CTF (counter-terrorism financing) rules.
- Every user must pass identity verification (KYC) - government ID, proof of address, sometimes even selfie verification.
- Any transaction over 12,500 USD triggers a mandatory report to Mexico’s Financial Intelligence Unit (UIF).
- Transactions flagged as suspicious-even if small-must be investigated and reported.
- Companies must keep internal audit logs and submit quarterly compliance reports to CNBV.
Failure to comply can mean fines, suspension, or full license revocation. In 2024, CNBV shut down two fintech startups for failing to verify users properly. One had allowed anonymous trading through peer-to-peer channels. The other didn’t report dozens of high-value transfers. Both were ordered to cease operations immediately.
Digital Agents: The New Players
In July 2024, CNBV introduced a new category: Digital Agents. These are specialized financial entities designed to offer digital asset services directly to the public. Think of them as crypto-only banks-but without the power to lend or take deposits in traditional currency.
Digital Agents can offer wallet services, crypto trading, and asset management. They must still get CNBV approval, meet capital requirements, and follow all AML rules. But they’re built from the ground up for crypto. Unlike traditional fintech firms that had to retrofit old banking systems, Digital Agents use modern infrastructure designed for blockchain.
As of 2025, only three Digital Agents have been licensed. They’re small, but they’re the future. If you’re looking for a clean, regulated way to use crypto in Mexico, these are your best bet. They’re the only ones legally allowed to offer custodial wallets under CNBV’s current rules.
Taxes: What the Government Wants
CNBV doesn’t collect taxes-but it works with the tax authority (SAT) to make sure you pay them. If you sell Bitcoin for pesos and make a profit, that profit is taxable income.
- Individuals pay up to 35% income tax on crypto gains.
- Companies pay 30% corporate tax.
- If you buy something with crypto-say, a laptop-and the value of the crypto has gone up since you bought it, you owe tax on the gain.
- When you sell crypto for more than 12,500 USD, the buyer (if it’s a business) must withhold 20% and send it to SAT.
- VAT (16%) applies to services paid for in crypto, like consulting or software.
Most crypto users in Mexico don’t report these gains. But CNBV and SAT are sharing data. Licensed exchanges now report annual transaction summaries to SAT. If you bought $10,000 in Ethereum in 2023 and sold it for $25,000 in 2025, the exchange sent that info to the tax office. You’re not anonymous anymore.
What’s Coming in 2025 and Beyond
Mexico is preparing for its own digital peso-a central bank digital currency (CBDC) expected to launch by the end of 2025. This won’t replace cash or crypto. It’s a government-backed digital version of the peso, issued by Banxico.
When that happens, CNBV-licensed institutions will need to connect to the CBDC system. That means Digital Agents and fintech firms will have to upgrade their systems to handle both private crypto and public digital pesos. It’s a big technical shift. But it also means the regulatory framework is becoming more mature.
CNBV is also working on new rules for DeFi, NFTs, and stablecoins. Right now, those are in a gray zone. No specific rules exist. But the commission has signaled it’s watching closely. Expect new guidance in early 2026.
What This Means for You
If you’re an individual trader: you’re not breaking the law. You can buy, hold, and sell crypto. Just keep records. Report your gains. Don’t use unlicensed platforms that promise anonymity-that’s where the risk is.
If you’re a business: don’t try to operate without a CNBV license. The penalties are severe. Even if you think you’re just a small exchange, if you’re taking Mexican pesos and giving out crypto, you’re under CNBV’s watch.
If you’re using Bitso or another licensed platform: you’re safe. They’ve done the hard work. Your money is protected by their compliance systems. You still need to pay taxes, but at least you’re not dealing with shady operators.
The bottom line: Mexico isn’t anti-crypto. It’s anti-risk. The CNBV wants to make sure crypto doesn’t destabilize the banking system, doesn’t become a tool for crime, and doesn’t leave ordinary users exposed. It’s not perfect. It’s slow. But it’s structured. And if you play by the rules, you can use crypto without fear.
Is cryptocurrency legal in Mexico?
Yes, cryptocurrency is legal for individuals to buy, hold, and trade. However, only institutions licensed by CNBV can legally offer crypto services to the public. Unlicensed exchanges or peer-to-peer platforms that operate without compliance are operating in a legal gray area and pose higher risks.
Can I use Binance or Coinbase in Mexico?
You can access Binance or Coinbase from Mexico, but they are not licensed by CNBV. That means they don’t comply with Mexican AML rules, don’t report to SAT, and don’t offer local peso on-ramps through regulated banks. Using them is possible, but you lose legal protections and risk tax penalties if you don’t report your transactions manually.
Do I have to pay taxes on crypto gains in Mexico?
Yes. Any profit from selling cryptocurrency is treated as income. Individuals pay up to 35% tax on gains. Companies pay 30%. If you sell crypto for more than $12,500 USD, the buyer (if it’s a business) must withhold 20% and pay it to the tax authority. You’re required to report these gains in your annual tax return.
What happens if I use an unlicensed crypto exchange?
There’s no direct penalty for individuals using unlicensed platforms. But if the platform gets shut down by CNBV, you could lose access to your funds. Also, if you don’t report your transactions and the tax authority finds them through exchange data sharing, you could face fines or audits. Unlicensed platforms offer no legal recourse if something goes wrong.
Can Mexican banks offer crypto services?
No-not directly. Banxico’s Rule 4/2019 blocks banks from offering custody, exchange, or transmission of virtual assets. Even if a bank has a CNBV license, it cannot legally let customers buy or store crypto unless Banxico grants special permission-which it hasn’t done as of 2025. Fintech firms and Digital Agents fill this gap.
What is a Digital Agent in Mexico’s crypto system?
A Digital Agent is a new type of licensed financial entity created by CNBV in July 2024. It’s designed specifically to offer digital asset services like crypto trading and custody. Unlike traditional fintech firms, Digital Agents are built for blockchain and can legally hold client crypto assets under CNBV supervision. They’re the most compliant way to access crypto services in Mexico today.
Is Mexico planning to launch its own digital currency?
Yes. Banco de México is developing a central bank digital currency (CBDC) called the digital peso, expected to launch by the end of 2025. It will be a government-backed digital version of the peso. CNBV will supervise financial institutions that interact with it, ensuring compliance with AML and consumer protection rules. This could change how crypto and digital money coexist in Mexico’s financial system.
For now, Mexico’s crypto rules are about control, not prohibition. The CNBV isn’t trying to kill crypto. It’s trying to make sure it doesn’t break the system. If you stay informed, use licensed platforms, and pay your taxes, you can navigate this system without issues. The door is open-but you’ve got to walk through it the right way.
Rajappa Manohar
December 31, 2025 AT 04:00Interesting read. But honestly, why make it so hard? Just let people trade.
Phil McGinnis
January 1, 2026 AT 14:27The CNBV is playing a dangerous game. They think they’re protecting the system, but they’re just creating loopholes for criminals who don’t care about licenses. Meanwhile, law-abiding citizens are stuck with clunky intermediaries and delayed transactions. This isn’t regulation-it’s bureaucratic theater.
Daniel Verreault
January 3, 2026 AT 08:33So we’ve got a system where you can technically own crypto, but the infrastructure to actually use it is blocked by another agency? That’s not a regulatory framework-it’s a contradiction in terms. Digital Agents sound promising, but if they can’t integrate with banks, they’re just glorified middlemen. The real innovation isn’t in the tech-it’s in the bureaucracy. And that’s broken.
Ryan Husain
January 4, 2026 AT 03:08It’s clear Mexico is trying to balance innovation with stability. The CNBV’s approach isn’t perfect, but it’s thoughtful. Unlike some countries that either ban crypto outright or let it run wild, Mexico is building guardrails without shutting the door. The fact that they’re preparing for a CBDC shows they’re thinking ahead. This is how responsible crypto regulation should look.
prashant choudhari
January 4, 2026 AT 14:43Taxes on crypto gains are mandatory. Keep records. Report everything. Simple.
Jacky Baltes
January 6, 2026 AT 08:55The tension between CNBV and Banxico is fascinating. One wants to enable, the other wants to contain. It’s like having two parents-one encouraging you to explore, the other saying ‘don’t touch that.’ The result? A system that’s cautious, yes, but also painfully slow. I wonder if this duality will persist once the digital peso launches. Will Banxico finally loosen up, or will it double down on control?
Willis Shane
January 7, 2026 AT 01:47Let’s be clear: the real issue isn’t regulation-it’s accountability. If you’re using an unlicensed exchange, you’re not just risking tax penalties-you’re risking total loss of capital. No recourse. No insurance. No legal standing. The CNBV isn’t trying to stifle innovation; it’s trying to prevent a financial catastrophe. And frankly, given the global history of crypto collapses, I’d rather have slow, safe, and regulated than fast, wild, and wiped out.
Abhisekh Chakraborty
January 8, 2026 AT 02:39Wait so I can buy crypto but can’t withdraw it to my bank? That’s not regulation-that’s psychological torture. Why even bother? I might as well use Binance and pay the tax manually. At least then I get to move my money without jumping through 17 hoops. This system is designed to frustrate, not protect. 🤡
Gavin Hill
January 9, 2026 AT 09:28The fact that they’re tracking every transaction over $12,500 and sharing data with SAT means anonymity is dead in Mexico. That’s not a bug-it’s a feature. And honestly? If you’re doing anything shady, you deserve to get caught. The real question is whether the government will misuse this data. That’s the real risk-not the regulation.
SUMIT RAI
January 10, 2026 AT 07:26Who says crypto needs to be legal? 🤔 Let it be the wild west. Let the brave survive. The rest? They’ll cry when their wallet gets hacked. 😎
Khaitlynn Ashworth
January 10, 2026 AT 13:33Oh wow. So Mexico’s solution to crypto chaos is… more paperwork? And a digital peso? That’s like putting a seatbelt on a horse carriage and calling it innovation. Congrats, you’ve turned Bitcoin into a tax form with blockchain. 🙄
Ian Koerich Maciel
January 11, 2026 AT 09:22It’s remarkable how a nation can simultaneously embrace technological evolution while maintaining institutional caution. The CNBV’s approach, though cumbersome, reflects a profound understanding of systemic risk. The fact that custodial services are outsourced to third-party cold wallets-not out of incompetence, but out of deliberate risk mitigation-demonstrates a level of foresight that many Western regulators have yet to achieve. The digital peso may be the bridge that finally unites the two competing mandates: financial inclusion and financial integrity.
Antonio Snoddy
January 13, 2026 AT 05:55Think about it: crypto was born to escape control. And now here we are, in Mexico, building a cathedral of compliance around it. Every KYC form, every AML report, every cold wallet managed by a third party-it’s all a performance. We’re not regulating crypto; we’re trying to baptize it into the old church of finance. But crypto doesn’t want to be baptized. It wants to be free. And maybe that’s the tragedy here-not that Mexico is too strict, but that it’s trying so hard to make something sacred into something bureaucratic. The digital peso? It’s just the last sacrament. The real revolution was never meant to be licensed.
rachael deal
January 14, 2026 AT 08:00This is actually one of the most balanced crypto frameworks I’ve seen. Yes, it’s slow. Yes, it’s complex. But if you’re doing this right-using licensed platforms, keeping records, paying taxes-you’re not just compliant, you’re future-proof. And that’s more than most countries can say. Keep calm, stay regulated, and don’t let the noise distract you. The system’s working better than you think.