Countries › Mexico › Guide › 10. Capital markets and finance › Fintech in Mexico: crowdfunding and e-money licenses, the no interest rule for wallets, virtual assets under Banxico, the regulatory sandbox and criminal penalties

Fintech in Mexico: crowdfunding and e-money licenses, the no interest rule for wallets, virtual assets under Banxico, the regulatory sandbox and criminal penalties

Last verified: 2026-10-26 · Status: Stable

Online crowdfunding (debt, equity or royalties) and electronic payment funds (e-money wallets) may be offered in Mexico only by financial technology institutions (ITFs) authorized by the CNBV after agreement of an Interinstitutional Committee. E-money institutions may not pay interest or any monetary return on balances, and any ITF needs Banxico's prior authorization to operate with virtual assets, which are limited to those Banxico designates and require written risk warnings. Novel models can get a temporary authorization of up to two years, and running an ITF activity without a license carries seven to fifteen years in prison and a fine of 5,000 to 150,000 UMA (MXN 586,550 to MXN 17,596,500 at the 2026 UMA).

USD conversions use MXN 18.6638 per US dollar, the US Federal Reserve H.10 noon buying rate in New York for 23 October 2026 (FRED series DEXMXUS), the latest observation available when this page was verified. Legal conversions in Mexico use the Banxico FIX, which differs slightly. Conversions are for orientation only.

Key facts

Authorization required for crowdfunding and e-money	Yes, CNBV authorization after Interinstitutional Committee agreement LRITF arts. 11, 15 and 22, as of 2026-10-26 · in force
E-money institutions may pay interest on balances	No LRITF art. 29, as of 2026-10-26 · in force
Authorization for an ITF to operate with virtual assets	Yes, prior Banxico authorization, only Banxico designated assets LRITF art. 30, as of 2026-10-26 · in force
Maximum term of a sandbox authorization	2 yearsLRITF art. 80, as of 2026-10-26 · in force
Prison for unlicensed ITF activity	7 to 15 yearsLRITF art. 124, as of 2026-10-26 · in force
UMA daily value from 1 February 2026	117.31 MXNINEGI UMA values, DOF 9 January 2026, as cited by IMSS, as of 2026-10-26 · in force

The rule

1. ITF authorization. To organize and operate as an ITF (crowdfunding institution or electronic payment fund institution) a company needs CNBV authorization granted after agreement of the Interinstitutional Committee. ITFs must prevent false or misleading information on their platforms and disclose operation risks. Neither the federal government nor state entities guarantee client funds, and ITFs must say so expressly on their websites, apps, advertising and contracts.
Cost to do it: No 2026 Annex 4 duty for ITF authorization was identified in LFD art. 29; capital and technology build out are the main costs.
Example: A Mexican wallet start up must carry the statement that the government does not guarantee client funds on its app home screen and in its terms. / Not applicable.Ley para Regular las Instituciones de Tecnología Financiera (LRITF), DOF 9 March 2018, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Art. 11, 2018-03-09 official text · verified 2026-10-26

2. Crowdfunding. Putting members of the public in contact so that they finance each other habitually and professionally through apps, websites or other digital means may only be done by an authorized crowdfunding institution (institución de financiamiento colectivo). Permitted operations are debt crowdfunding (loans and other financing to applicants), equity crowdfunding (purchase of shares of company applicants) and co ownership or royalty crowdfunding (participation agreements or shares in assets, income, royalties or losses of an applicant's projects). These acts are commercial acts.
Cost to do it: See authorization above.
Example: A real estate platform that lets the public buy fractional rights to rental income of a building runs co ownership or royalty crowdfunding and needs an ITF license. / Not applicable.Ley para Regular las Instituciones de Tecnología Financiera (LRITF), DOF 9 March 2018, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 15 and 16, 2018-03-09 official text · verified 2026-10-26

3. Electronic payment funds. Issuing, managing, redeeming and transferring electronic payment funds with the public habitually and professionally through digital means, including opening e-money accounts credited against money received in pesos, foreign currency or designated virtual assets, and transfers between clients, is reserved to authorized electronic payment fund institutions (IFPE). Operations follow Banxico rules; issuing e-money in foreign currency or virtual assets, or transmitting money in foreign currency, needs Banxico's prior authorization. An IFPE may not pay clients interest or any other monetary return on balances; Banxico may allow non monetary benefits.
Cost to do it: None set by statute beyond the license.
Example: A wallet holding MXN 1,000,000 of a client's money cannot pay 5 percent a year on that balance; it can only offer non monetary benefits Banxico permits. / MXN 1,000,000 is about USD 53,580.Ley para Regular las Instituciones de Tecnología Financiera (LRITF), DOF 9 March 2018, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 22, 26 and 29, 2018-03-09 official text · verified 2026-10-26

4. Virtual assets. A virtual asset is an electronically registered representation of value used among the public as a means of payment whose transfer can only be done electronically; legal tender, foreign currencies and assets denominated in them are not virtual assets. ITFs may only operate with virtual assets that Banxico designates by general rules and need Banxico's prior authorization; they must be able to deliver the virtual assets or their peso equivalent on request, settle trades in the same act, and disclose in plain terms that virtual assets are not legal tender and not backed by the government or Banxico, that transactions may be irreversible, that values are volatile, and that there are technology, cyber and fraud risks.
Cost to do it: None set by statute.
Example: An ITF that wants to let clients buy a crypto asset must first confirm the asset is designated by Banxico and obtain Banxico authorization. / Not applicable.Ley para Regular las Instituciones de Tecnología Financiera (LRITF), DOF 9 March 2018, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 30, 31 and 34, 2018-03-09 official text · verified 2026-10-26

5. Regulatory sandbox (novel models). Mexican companies that are not ITFs or supervised entities need authorization to carry out, through a novel model, an activity that would otherwise require a license, registration or concession under the LRITF or another financial law. The competent authority may grant, at its discretion, a temporary conditioned authorization for a period matching the services, of no more than two years.
Cost to do it: No statutory fee was identified.
Example: A start up testing a new lending model with a limited client group can request a temporary authorization of up to two years instead of a full license. / Not applicable.Ley para Regular las Instituciones de Tecnología Financiera (LRITF), DOF 9 March 2018, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Art. 80, 2018-03-09 official text · verified 2026-10-26

6. Crimes. Carrying out activities reserved to ITFs or sandbox entities without authorization, or an ITF dealing in virtual assets or foreign currency without the required Banxico authorization, carries seven to fifteen years in prison and a fine of 5,000 to 150,000 UMA; giving false information to obtain the authorization carries the same. Misusing client funds or virtual assets carries three to nine years and 5,000 to 150,000 UMA, rising to six to eighteen years and 10,000 to 300,000 UMA for insiders. Holding oneself out to the public as an ITF without authorization carries one to six years and 5,000 to 150,000 UMA.
Cost to do it: Fines at the 2026 UMA of MXN 117.31: 5,000 UMA = MXN 586,550 (USD 31,427); 150,000 UMA = MXN 17,596,500 (USD 942,814); 300,000 UMA = MXN 35,193,000 (USD 1,885,629).
Example: An unlicensed peer to peer lending app faces up to MXN 17,596,500 in fines plus prison under art. 124. / About USD 942,814 at the maximum.Ley para Regular las Instituciones de Tecnología Financiera (LRITF), DOF 9 March 2018, last reform DOF 14 November 2025 (Chamber of Deputies consolidated text), Arts. 119, 124, 125 and 129, 2018-03-09 official text · verified 2026-10-26

Band	MXN	USD at 18.6638	Where used
5,000 UMA	MXN 586,550	USD 31,427	Minimum fine, arts. 119 to 129
10,000 UMA	MXN 1,173,100	USD 62,854	Minimum for insiders misusing client funds, art. 119
150,000 UMA	MXN 17,596,500	USD 942,814	Maximum fine, most offenses
300,000 UMA	MXN 35,193,000	USD 1,885,629	Maximum for insiders misusing client funds, art. 119

LRITF fine bands converted at the 2026 UMA of MXN 117.31 (IMSS citing INEGI, DOF 9 January 2026).

Worked example

A foreign neobank wants to offer Mexican users a peso wallet with transfers and a crypto purchase feature.
The wallet needs IFPE authorization from the CNBV after Interinstitutional Committee agreement (LRITF arts. 11 and 22), and the app cannot pay interest on balances (art. 29).
The crypto feature needs Banxico's prior authorization and is limited to Banxico designated assets, with the four risk warnings displayed (arts. 30 and 34).
Launching before authorization risks seven to fifteen years in prison and fines up to MXN 17,596,500 (about USD 942,814) (art. 124).

Step by step

1. Classify the product: crowdfunding (debt, equity, royalties), e-money wallet, or a model that fits neither (sandbox).
2. Prepare the ITF application for the CNBV, including governance, technology, AML and risk disclosure (LRITF art. 11).
3. If the product touches foreign currency or virtual assets, apply to Banxico for the separate authorization (arts. 26 and 30).
4. Draft client disclosures: no government guarantee, operation risks and, for virtual assets, the four warnings (arts. 11 and 34).
5. For a novel model, request a temporary authorization of up to two years (art. 80).

Common traps

Yield on wallet balances is prohibited for IFPEs; rewards must be non monetary and within Banxico rules (LRITF art. 29).
An ITF license does not by itself allow virtual asset or foreign currency operations (art. 124, II).
Calling yourself a fintech institution in marketing before the license is a separate crime (art. 129).
The government guarantee disclaimer must appear on websites, apps, advertising and contracts (art. 11).

Sources

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