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In Mexico, cryptocurrencies are considered virtual assets and the regulation is still under development, but there are some laws that apply them.
1. Fintech law
Enacted in 2018, defines them as “digital assets that are used as means of payment or investment, based on blockchain technology. FinTech law gives the Bank of Mexico the authority to the institutions that offer cryptocurrency-related services
2. Bank of Mexico Circular 4/2019
Establishes that the requirements include customer identification, compliance with anti-money laundering laws, and reporting of suspicious transactions.
3. Income Tax Law (LISR)
States that gains realized from the sale of cryptocurrencies are considered income from disposal of assets. and are subjects to a 20% tax
4. Value Added Tax (VAT)
Value Added Tax states that cryptocurrency transactions are not subject to VAT
