- Claudia Sheinbaum was recently elected Mexico’s first female president.
- Morena party continues 20% crypto tax, global compliance.
- U.S. crypto developments may influence Mexico’s future policies.
Claudia Sheinbaum, the former mayor of Mexico City, has been elected as Mexico’s president, making her the first woman to hold this office, as reported by multiple sources including The New York Times.
This outcome suggests the likely continuation of Mexico’s cryptocurrency policies since Sheinbaum is a member of the ruling Morena party. Her predecessor, Andres Manuel Lopez Obrador, was ineligible for re-election due to constitutional restrictions. While Sheinbaum has aligned with Obrador’s policies, cryptocurrency was scarcely mentioned in this significant election.
The Morena party has not introduced comprehensive legislation for the crypto sector, though it has imposed a 20% tax on crypto gains. Additionally, policies and regulations require cryptocurrency exchanges to comply with global anti-money laundering and anti-terror financing standards. The party has also focused on regulating blockchain technology to enhance the security of the ecosystem.
It’s too early to determine whether recent crypto-related developments in the U.S., occurring during Mexico’s election campaigns, will prompt the Morena party to reconsider its cautious stance on crypto policy. As the largest market for remittances from the U.S., Mexico presents significant potential for cryptocurrency use among its citizens.
In recent weeks, significant crypto developments have occurred in the U.S. A major crypto bill has passed one chamber of Congress for the first time; former President Donald Trump, the likely Republican presidential nominee, has begun accepting crypto donations and stated that the U.S. must lead globally in crypto. Additionally, President Biden’s re-election campaign has reportedly engaged with the crypto industry for guidance on community and policy, and the Securities and Exchange Commission is expected to approve the launch of spot ether exchange-traded funds. Claudia Sheinbaum has expressed confidence in maintaining a positive relationship with whoever takes power in 2024.
