How to Buy Crypto in Mexico?

Cryptospace is considered a young and still developing sector. That's why in many jurisdictions the legal clarity for digital finance remains shady and complicated. Today, we'll research every important thing about crypto in Mexico and answer the most popular questions about buying it.

Is It Legal to Buy Crypto in Mexico?

In short, yes, it's legal to buy and store crypto in Mexico. But it’s not an official tender, so it can't be used on the same level as pesos. The regulation is based on the 2018 Law to Regulate Financial Technology Institutions (LRITF) that established the status of digital assets and transferred control over them to the Bank of Mexico. The law proposes two key points: firstly, only the Central Bank determines which virtual assets are permitted for use, and secondly, crypto is expressly excluded from the list of legal tender and is considered only a digital asset. In turn, the Taxpayer Protection Agency (Prodecon) and the Mexican Tax Administration Service (SAT) treat crypto transactions as “disposal of property”, which makes them taxable.

So, if you want to trade legally, you need to act in accordance with the rules, but most users calmly trade and keep crypto on platforms that don’t have legal status in the country. We’ll discuss more details on crypto legislation in Mexico later in the article.

Ways to Buy Crypto in Mexico

There are several ways to buy crypto in Mexico, with their own advantages and disadvantages. Let's take a look at each of them.

Centralized exchanges (CEXs)

These are online platforms where you open an account, go through KYC (Know Your Customer)) verification, and can buy crypto directly with pesos (MXN).

Examples: Bitso, Cryptomus, Volabit.

• Pros: user-friendly interface, high liquidity, various cryptocurrencies, strong security measures.

• Cons: KYC is required, third-person control over your funds.

Decentralized exchanges (DEXs)

These are platforms that use smart contracts for operating where you buy tokens directly.

Examples: Uniswap, PancakeSwap, SushiSwap.

• Pros: full control over funds, access to rare tokens (which may not be available on other platforms).

• Cons: risk of receiving “dirty” money through scam schemes, security fully depends on you.

P2P Platforms

Those are the platforms where you can buy crypto directly from other users, setting your own terms for the transaction.

Examples: Cryptomus P2P, OKX P2P, Binance P2P.

• Pros: low fees, many payment methods.

• Cons: risk of encountering scammers, takes time to find the seller that suits your needs.

Crypto ATMs (cajeros de Bitcoin)

Physical devices where you can buy or sell crypto for cash.

Examples: Cajero Bitcoin México, Banxa networks, etc. (available in Mexico City, Guadalajara, Monterrey).

• Pros: a quick method, both cash and card payment methods available.

• Cons: high fees (often 5–10%), limited availability (only in large cities), identity verification is often required.

Step-By-Step Guide on Buying Crypto in Mexico

The most convenient and common way to buy cryptocurrency out of all the ones we've mentioned is through centralized exchanges. This is the method we'll cover in our guide.

So, to buy cryptocurrency in Mexico through CEX, you need to:

1. Choose a CEX that works with MXN.

2. Register an account.

3. Complete KYC and enable 2FA.

4. Fund your account.

5. Buy the crypto.

Now, let's look at each of these steps in more detail.

Choosing a CEX

Make sure the exchange supports deposits/withdrawals in MXN. Look at the fees, limits, availability of a Spanish interface, and reputation, as well as whether SPEI (Sistema de Pagos Electrónicos Interbancarios = System of Interbank Electronic Payments) payment system deposits work.

Account Registration

Enter your email/phone number and create a strong password. Confirm them to unlock basic access to your account.

KYC Verification and Setting up 2FA

Upload a document (passport/INE (voting permit)), take a selfie, and upload these to the site. Then, enable 2FA for an extra layer of protection.

Depositing Funds in MXN

The most convenient method to do it is through a bank card or using the SPEI payment system via CLABE (Clave Bancaria Estandarizada—Standardized Banking Key).

Buying Crypto

The easiest way for beginners is to buy crypto directly on an exchange using services like Mercuryo or exchange integrations with bank cards and e-wallets. You simply select the desired crypto, enter the amount in it or in MXN, confirm the payment, and then the coins are credited to your wallet.

Purchase Confirmation

Check whether the coins have come to your wallet, and transfer them to another one, if you want. You can also store crypto on the exchange's native wallet.

Simple Way to Buy Crypto with Your Credit Card

Now let’s dive into the process of buying crypto with your credit card. We’ll take Cryptomus as an example.

• Step 1: Sign up for a Cryptomus account to get your personal cryptocurrency wallet. Don’t forget to protect it by enabling 2FA and setting a strong PIN.

• Step 2: To buy cryptocurrency on Cryptomus, you need to pass the KYC procedure: take a selfie, provide your documents, and verify your contact info. You may do it through your personal account settings.

• Step 3: Return to the dashboard and click “Receive”. Fill in all your criteria: select the desired cryptocurrency to buy and a suitable network. Then choose “Fiat” as a type of receive option when you’re buying crypto with a debit or credit card.

• Step 4: Click on “Receive via Mercuryo” and fill in the gap with the amount you’re going to pay in the preferred currency. The receiving amount of crypto will be automatically calculated in the payment form.

• Step 5: Next, fill in your email address for getting a verification code, and enter your debit or credit card details to make a purchase. Then confirm the action.

Well done! You’ve just bought cryptocurrency with a card without any complications. The funds will be credited to your personal wallet soon!

Do You Have to Pay Taxes on Cryptocurrency Investments?

In Mexico, cryptocurrency is officially recognized as a digital asset, but it is not legal tender. This means that it can be used, but transactions involving it are regulated as property. Crypto is considered personal property, so general rules apply to it as well.

Here is the basic information everyone needs to know:

1. The following are considered taxable events:

• Seling cryptocurrency for Mexican pesos.

• Exchange of one cryptocurrency for another.

• Payment for goods and services with cryptocurrency.

• Mining and staking: taxed as income at market price on the date of receipt.

2. Regulatory authorities:

• SHCP (Secretaría de Hacienda y Crédito Público, Ministry of Finance and Public Credit) is responsible for tax policy.

• SAT (Servicio de Administración Tributaria, Tax Administration Service) collects taxes.

• PRODECON (Procuraduría de la Defensa del Contribuyente, Taxpayer Protection Agency) explains taxpayers' rights.

• Banxico (Banco de México, Central Bank) and CNBV (Comisión Nacional Bancaria y de Valores, National Banking and Securities Commission) monitor financial stability.

3. The main tax, ISR (Impuesto Sobre la Renta, Income Tax), works this way:

• Any profit from the sale, exchange, or payment of goods with cryptocurrency is considered income.

• Such transactions are equated to “alienation of property” (Article 126 LISR).

• A 20% advance withholding rule applies to the transaction amount.

• If the buyer is a resident of Mexico or a foreign company with a representative office, they withhold this tax.

• If the buyer is a non-resident, the seller files the return within 15 business days.

• In the annual return, the amount is adjusted at a progressive rate (from 1% to 35%).

4. VAT (IVA, Impuesto al Valor Agregado — value added tax) works this way:

• The sale of cryptocurrency as an asset is exempt from IVA.

• However, services related to cryptocurrencies (exchange commissions, exchange fees, etc.) are subject to a standard rate of 16%.

5. Documents and reporting:

• Keep SPEI (Sistema de Pagos Electrónicos Interbancarios, interbank payment system) receipts.

• Obtain CFDI (Comprobante Fiscal Digital por Internet, electronic tax receipts).

• Record commissions and transaction dates.

• For businesses, NIF C-22 accounting is mandatory.

Remember, the crypto space still moves and evolves, so legislation can change at any time and in any direction. Follow the news, stay alert, and read our blog to stay updated.

Did you find this article useful? Did we answer all of your questions? Let us know in the comments below!