You can see the rules and regulations in other jurisdictions.
The Mexican approach to regulating cryptocurrencies can be highly technical, but it lacks clear-cut answers to relevant aspects of digital technology.1
The technology behind blockchain has not faced any forms of regulation. Rather, the attention has mainly been directed towards 'virtual assets', a quite limiting definition, stated as 'a representation of value that is recorded electronically and used for legal transactions as a payment method and can only be transferred electronically'. This description appears to be based on the features of cryptocurrencies; hence, it does not cover other modern utilizations of blockchain technology, in particular non-fungible tokens.1
The Mexican central bank, Banxico, has placed restrictions on virtual assets activities from financial institutions. This is despite the Fintech Law's provision of several models that could allow a more institutional approach. Through non-binding opinions, Banxico has made it clear that commercial companies can still offer services related to virtual assets; for example, prices for services may be exchanged in virtual assets, or crypto exchanges could be established without the need for authorisation from a regulator. However, these private parties must not offer fiat gateways or act as a marketplace for virtual assets - both of which are prohibited under the regulations. The aim of these regulations is ultimately to enable the usage of virtual assets by the general public but in a tightly controlled, regulated environment.2
