Due to the public recognition that has been given to virtual
currencies also known as crypto currencies, such as
Bitcoin, Ethereum, Litecoin, Dogecoin,
NEO, or Ripple, among others, Mexico had the
necessity to regulate the operations carried out through this type
of currencies.
In order to achieve the above, on March 1st, 2018, the Congress
of the Union approved the Law to Regulate Financial Technology
Institutions ("Fintech Law"). The Law
was published in the Official Gazette of the Federation (Diario
Oficial de la Federación) on March 9th, 2018.
Among other relevant aspects, the Fintech Law provides specific
regulation for modern and technological legal figures, including
crowd funding transactions, online payment methods, innovative
models, and this type of currencies (denominated under the law as
virtual assets), and the way in which Financial Institutions shall
use them during its operation.
