Ecuador vs Mexico
Crypto regulation comparison
Ecuador
Mexico
Partially Regulated
Legal
Ecuador has a complex relationship with cryptocurrency. A 2014 National Assembly resolution banned Bitcoin as legal tender, and the Central Bank prohibits financial institutions from dealing in crypto. However, private ownership and trading of crypto are not explicitly illegal, and peer-to-peer usage exists.
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
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Banco Central del Ecuador, Superintendencia de Bancos
Regulator
CNBV, Banxico (Bank of Mexico), SHCP
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Virtual assets regulated under Fintech Law; Banxico restricts banks from offering crypto to clients
Key Points
- 2014 resolution prohibits crypto from being used as legal tender
- Central Bank bans financial institutions from facilitating crypto transactions
- Private ownership and P2P trading exist in a legal gray area
- Ecuador uses the US dollar as its official currency, limiting monetary policy tools
- No comprehensive crypto regulatory framework in place
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