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Cuba vs Mexico

Crypto regulation comparison

← Back to map | Cuba | Mexico
Cuba

Cuba

Mexico

Mexico

Legal
Legal

Cuba's Central Bank issued Resolution 215/2021 recognizing virtual assets and establishing a licensing framework for virtual asset service providers (VASPs). The BCC evaluates and grants one-year licenses to VASPs. US sanctions limit access to international platforms but domestic crypto use is formally regulated.

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 Unclear
Tax Type Capital gains
Tax Rate N/A
Tax Rate 1.92-35%
Exchanges Yes Yes
Exchanges Yes Yes
Mining No No
Mining Yes Yes
Regulator Banco Central de Cuba (BCC)
Regulator CNBV, Banxico (Bank of Mexico), SHCP
Stablecoin Rules No stablecoin regulation
Stablecoin Rules Virtual assets regulated under Fintech Law; Banxico restricts banks from offering crypto to clients
Key Points
  • Resolution 215 (2021) allows central bank to license virtual asset service providers
  • Central Bank licenses virtual asset service providers under Resolution 215
  • VASPs must comply with AML/KYC requirements and report to the central bank
  • US sanctions significantly limit access to international crypto platforms
  • Government agencies may not use virtual assets without BCC authorization
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