The national Commission for banks and securities (CNBV) said that Mexico does not recognize the cryptocurrency as form of payment and warns about the risks of investments in ICO.
The statement said that some of the ICO, depending on certain characteristics, may violate the Law on markets and securities of Mexico, thereby constituting a financial crime.
According to the authorities, only experienced investors should experiment with cryptocurrencies, as they have demonstrated a high volatility and is subject to speculation.
Recently the legislature of Mexico has proposed a bill for cryptocurrency companies, stressing that will regulate their activities, not just cryptocurrencies.
The bill does not contain specific information about bitcoin, giving the Central Bank extensive powers for regulation of companies operating in this space. However, the regulator argues that the rules will stimulate innovation and healthy competition, creating a clear framework of interaction.
The bill aims at combating money-laundering and the use of cryptocurrency terrorist organizations.