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Kenya vs Mexico

Crypto regulation comparison

← Back to map | Kenya | Mexico
Kenya

Kenya

Mexico

Mexico

No Regulation
Legal

Kenya has no comprehensive cryptocurrency legislation, though it is one of Africa's leading crypto markets by adoption. The Central Bank has issued warnings but no formal ban. Kenya's 2023 Finance Act introduced a 3% Digital Asset Tax on income from digital asset transfers, signaling growing regulatory attention.

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 Varies
Tax Type Capital gains
Tax Rate 1.5-3% (proposed digital asset tax)
Tax Rate 1.92-35%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CBK (Central Bank of Kenya), CMA (Capital Markets Authority)
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
  • No specific cryptocurrency legislation, but the 2023 Finance Act introduced a 3% Digital Asset Tax
  • CBK has issued multiple warnings about crypto but has not imposed a ban
  • CMA considering a framework for digital asset regulation
  • Kenya consistently ranks among the top countries globally for crypto adoption (P2P volume)
  • M-Pesa mobile money dominance shapes how Kenyans access crypto via P2P exchanges
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