CNBV Seeks Radical Overhaul of Mexico's Crypto and Open Finance Rules

Mexico's financial regulator, the National Banking and Securities Commission (CNBV), is seeking a comprehensive overhaul of its rules on cryptocurrencies, open finance, and emerging business models. This move comes amid growing pressure from Mexico's fintech sector, which argues that existing regulations have created bottlenecks that stifle innovation.

The CNBV's push for change is led by Chairman Ángel Cabrera, who has expanded dialogue with industry stakeholders since taking the role in September 2024. The regulator's focus on open finance and cryptocurrencies signals a potential shift toward more flexible and innovation-friendly policies.

Open finance allows third-party providers to access consumer financial data with consent, enabling new services like budgeting apps and alternative credit scoring. For cryptocurrencies, clearer regulation could provide legal certainty for exchanges, custodians, and investors, potentially attracting more institutional participation.