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Canada vs Mexico

Crypto regulation comparison

← Back to map | Canada | Mexico
Canada

Canada

Mexico

Mexico

Legal
Legal

Canada has a well-developed regulatory framework for cryptocurrency. Crypto trading platforms must register with provincial securities regulators through the CSA, and all crypto businesses must register as money services businesses (MSBs) with FINTRAC. Canada approved spot Bitcoin ETFs in 2021, ahead of most other countries.

Mexico regulates cryptocurrency under the 2018 Fintech Law (Ley Fintech), one of Latin America's first comprehensive crypto regulatory frameworks. The CNBV licenses fintech institutions including crypto exchanges. However, Banxico has restricted financial institutions from offering crypto services directly to customers. Crypto gains are taxed as income at progressive rates.

Tax Type Capital gains
Tax Type Capital gains
Tax Rate 0-26.76%
Tax Rate 1.92-35%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CSA, FINTRAC, OSC, AMF
Regulator CNBV, Banxico (Bank of Mexico), SHCP
Stablecoin Rules CSA guidance requires stablecoins to maintain adequate reserves; value-referenced crypto assets regulated
Stablecoin Rules Virtual assets regulated under Fintech Law; Banxico restricts banks from offering crypto to clients
Key Points
  • Crypto trading platforms must register with CSA provincial regulators
  • All crypto dealers must register as MSBs with FINTRAC for AML/KYC compliance
  • 50% of capital gains are taxable; business income from crypto is fully taxable
  • Canada approved spot Bitcoin and Ether ETFs in 2021, the first major country to do so
  • CSA issued Staff Notice 21-327 on obligations for crypto trading platforms
Key Points
  • Fintech Law (2018) regulates virtual asset operations through licensed ITFs (Fintech Institutions)
  • CNBV (National Banking and Securities Commission) oversees licensing and compliance
  • Banxico issued rules restricting banks from offering crypto to clients directly
  • Crypto gains taxed as 'other income' (otros ingresos) at progressive rates up to 35%
  • Mexico has high crypto adoption driven by remittances and unbanked population
Sources
Sources