Fintech Market Overview

This article does not constitute legal advice.

Virtual currencies in Mexico


IFPEs are entrusted with the issuance of e-money and the management of its users' e-wallets. Clients, individuals or entities, may fund their accounts with Mexican pesos, foreign currency, or digital assets. IFPEs manage a ledger to record all account activity and provide payment services for third parties - thereby earning a fee. Additionally, they offer money transfer services to beneficiaries located in Mexico or beyond, as well as operating as a crypto marketplace. To ensure clients have access to their funds, IFPEs issue debit cards linked directly to the user's wallet.1

In regards to cryptoassets, the Fintech Law includes the designation of IFPEs as a legal fiat gateway. This means that IFPEs may facilitate contact between parties seeking to buy, sell or transfer virtual assets and also provide their own services in buying, selling or transferring these assets on behalf of their customers. Furthermore, they can hold virtual assets as crypto wallets. However, this prospective opportunity was curtailed by Banxico's virtual asset regulation issued on 30 September 2020 which only allows internal transactions between IFPEs and banks.1

Digital assets in Mexico

Fintech in Mexico

Fintech in other countries

  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/mexico