Blockchain & Crypto

Mexico's blockchain and cryptocurrency sector received between July 2024 and June 2025, $71.2 billion in cryptocurrency transaction volume. Mexico is the third-largest crypto economy in Latin America. The country ranks 23th globally on the Crypto Adoption Index, though regulatory restrictions maintain a "sana distancia" (healthy distance) between crypto and the traditional financial system.
‍

Bitso dominates with 99.5% trading market share, a $2.2 billion valuation, and $331M raised. The platform processes 10% of US-Mexico remittances (~$6.5 billion in 2024) and launched the MXNB peso-pegged stablecoin on Arbitrum in March 2025. User growth continues at 15% year-over-year. Other peso stablecoins include Tether's MXNT (Ethereum, Polygon, Tron), MMXN (Monetary Digital), and MXNe (Brale).

Etherfuse, a client of Legal Paradox®, is the first entity in Mexico to have an administrative act issued by the CNBV that allows it legally to tokenize real-world assets. It is a technology startup specializing in blockchain-based solutions that bridge traditional finance (TradFi) and decentralized finance (DeFi), enabling global access to tokenized real-world assets like government bonds. Founded by David Taylor (CEO with background from Boeing, Apple, and MIT Sloan) and his brother Anthon, the company operates from Mexico, targeting retail investors in over 32 countries to democratize wealth through secure, inclusive products

Regulatory framework: Under Ley Fintech and Banxico policy, banks are prohibited from direct crypto custody, trading, or financing, as ITFs, they require explicit Banxico authorization with only "internal operations" permitted. No approved virtual asset list has been published for financial entity operations. Stablecoins are not classified as a virtual assets. VASPs operating with Mexicans must register with the Mexican VASP registry. Non-financial entities are permitted to engage in activities related to virtual assets in compliance with AML/CFT regulations and other general regulations. The transfer of funds via stablecoins requires registration as a money transmitter or IFPE.

Compliance requirements: CNBV authorization for financial entities that operate with stablecoins, and registration for VASPs, comprehensive AML/CFT compliance under LFPIORPI, and strict customer identity verification protocols.
‍

Market reality: ~$71.2 billion crypto volume in 2024, with approximately 47% via stablecoins, primarily for remittances and cross-border payments.