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Difficult access to cryptocurrency services in Mexico

In the Mexican context, access for companies and individuals interested in cryptoassets has faced significant obstacles, largely due to the strict legislation applied to the Fintech sector. This regulation has caused several Mexican companies that operate with cryptocurrencies to be forced to move their operations out of the country, from where they continue to offer their services.


In a report in the newspaper El Financiero, Gustavo Leal Cueva, founder of fiscalia.com, a site specialized in taxes and digital business, and partner of the firm Leal Benavides y Cía, stressed that this scenario has limited both companies that wish to offer technologies related to cryptocurrencies and users and clients interested in this type of investments. In a meeting with executives from IMEF Grupo Monterrey, Leal pointed out that, despite the interest in using cryptocurrencies as a mechanism for international payments, banks in Mexico still show reluctance to interact with this type of assets, even going so far as to deny opening accounts to companies that manage cryptocurrencies.


However, some younger banks have shown greater openness towards cryptocurrencies, experimenting with their use in rewards programs, although not in mainstream financial services. Despite these challenges, Mexico continues to stand out regionally and globally in the cryptocurrency arena, ranking third in Latin America and sixteenth in the world, with 3% of the Mexican population owning some form of cryptoasset.


This context reflects the growing relevance of cryptocurrencies in Mexico, but also the barriers that must be overcome for their adoption to become more widespread, especially in the country's traditional financial system.



 

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