Guatemala vs Mexico
Crypto regulation comparison
Guatemala
Mexico
No Regulation
Legal
Guatemala has no specific cryptocurrency regulation. The Banco de Guatemala has stated that crypto is not legal tender and not backed by the central bank, but has not banned its use. Crypto usage exists primarily for remittances from the US-based diaspora.
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
Banguat (Banco de Guatemala), SIB
Regulator
CNBV, Banxico (Bank of Mexico), SHCP
Stablecoin Rules
No stablecoin-specific regulation
Stablecoin Rules
Virtual assets regulated under Fintech Law; Banxico restricts banks from offering crypto to clients
Key Points
- No specific cryptocurrency legislation exists
- Banguat has warned that crypto is not legal tender and not government-backed
- Crypto is neither explicitly legal nor illegal for private use
- Remittance use case is significant given large diaspora in the US
- Tax treatment of crypto gains is unclear
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