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Stablecoin Regulation in Mexico: Guide for Foreign Issuers
Mexico has just introduced a federal bill — the Murat Initiative — to regulate Activos Virtuales Estables Referenciados en Moneda Nacional (AVEs), the local equivalent of payment stablecoins pegged to the Mexican peso. According to Legal Paradox®, the proposed regime restricts issuance to authorized Electronic Payment Funds Institutions (IFPE) and licensed banks, mandates 1:1 reserve backing under Banco de México supervision, criminalizes unauthorized issuance with 5 to 15 years of prison, and forces foreign issuers to obtain prior authorization with a legal representative in Mexican territory. For global stablecoin issuers, this rewrites the rules of access to a $61.791 billion USD annual remittance corridor — the second largest in the world.
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