As financial capitals worldwide from London to Singapore race to introduce regulations to introduce digital assets into their banking systems, Mexico’s central bank announced a far more cautious stance.

In its year-end report, boasting the stability of the country’s economy, the Bank of Mexico (Banxico) said it will “maintain a healthy distance between virtual assets and its financial system”.

Banks and fintech firms in Mexico have been barred from offering crypto to customers since 2021.

Many developing and emerging economies also maintain restrictive approaches to crypto compared with the U.S. and Europe, with China and Nigeria being prominent examples. The Chainalysis report notes that regions with less regulatory clarity tend to show slower or more cautious adoption.

However, unlike its Latin American peers, such as El Salvador, where bitcoin is legal tender or Bolivia, which is developing crypto oversight rules, Mexico treats digital assets as speculative instruments outside its monetary framework core. The report, which signals the country is in no hurry to introduce crypto regulations, cited several concerns, including that virtual assets lack legal tender status, show extreme price volatility, carry significant operational and cybersecurity risks, and pose elevated money-laundering and consumer-protection concerns. It also highlights stablecoins.

“The surge of stablecoins worldwide could pose systemic risks, particularly if their issuance and usage expand without an international regulatory framework,” the central bank said. “Until a homogeneous regulatory framework exists, it is important to keep a healthy distance between the traditional financial system and digital assets.”

Banxico referenced a Chainalysis report, arguing crypto adoption in Mexico remains low. Mexico ranks third in Latin America with a national yearly crypto transactional value worth $71 billion from July 2024 to July 2025, according to the October 2025 Chainalysis study.