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Mexico
5.23 Neutral Environment
Mexico
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The adoption of the Law to Regulate Financial Technology Companies (Fintech Law) in March 2018 became a milestone in the regulation of cryptocurrencies and blockchain projects in Mexico. The law identified the general framework for the circulation of "virtual assets" in the country and gave broad regulatory powers to the Bank of Mexico and CNBV.
The Central Bank of Mexico back in 2014 declared its negative attitude to cryptocurrencies and reiterated it in a statement of 2017. In March 2019, the Bank of Mexico released CIRCULAR 4/2019, envisaged by the Fintech Law. According to these rules, each company willing to conduct transactions with "virtual assets" must obtain permission from the central bank.

According to the CNBV's Resolution of 10 September 2018, crypto-business will have to get registered starting in September 2019.

In parallel with the implementation of the restrictive policy on crypto-business, Mexican regulators spoke quite positively about blockchain and initiated projects to encourage its development and implementation in various areas. For example, since September 2017, the government's Blockchain HACKMX project has operated in Mexico, aimed at combating corruption in public procurement using blockchain technology.


Neutral Political Environment
5.0 points
Mexico's main institutionalized political actors are rather negative about the crypto-industry. The parliament, government agencies and the central bank have emphasized the threats posed by the spread of cryptocurrencies and the need to protect the population. Regulators are more positive about blockchain technology itself, taking certain steps to develop and disseminate it. The largest banks are rather neutral, highlighting both positive and negative aspects of cryptocurrency- and blockchain-related projects.
Rather not Enabling Legal Environment
2.81 points
Regulatory Convergence
In Mexico, the Inter institutional Committee of the National Banking and Securities Commission was established to coordinate the activities of various bodies. The norms and standards set by the regulators follow a uniform approach and do not contradict each other.

Definiteness of Legal Regulation
Special legislation covers the operation of ICOs, crypto-wallets and crypto-exchanges. Some of the legal relationships associated with cryptocurrencies and blockchain remain unregulated: mining of cryptocurrencies, legal relations connected with document flow based on blockchain and smart contracts, as well as taxation in the crypto-industry.

Stability of Legal Regulation
The past year saw the active development of new rules for crypto-business; and special legislation was adopted. Currently, there are no legislative initiatives or court cases in Mexico that may alter the legal environment and, therefore, there are no reliable grounds to assume that the direction chosen by the regulators will change in the medium term.

Adequacy of Legal Regulation
Although Mexico has special legislation in place, it does not account for the specifics of cryptocurrency projects and is restrictive in nature, prohibiting activities that are integral to the operation of crypto-exchanges, crypto-wallets, and ICOs.
Situation with the Rule of Law
Mexico has rather low scores in the Rule of Law Index and ranks 99th among 126 countries.
Rather Enabling Infrastructure Environment
7.89 points
Mexico ranks 64th out of 193 countries in the UN E-Government Development Index. Mexico is the 54th country globally by the ease of doing business in the WB's Doing Business rankings.