There is no update of how SHCP or SAT (Mexican IRS) will handle the tax to Mexican Citizens, but we know for sure they are one of the main organisms being involved in this and taking his piece of the cake, so far there is no real way to tax % but as a Mexican any generated income has to pay around 30% as ISR (Impuesto Sobre la Renta) that really depends on the line of business but since there is no words 30% would be the base.. in my opinion this has to decrease significantly if they want attract the development of projects and keep them in the country as well as early investors to pay their taxes in the country accordingly, but more on this on the next law update in a few months.

So far I think it’s a good job and something I really didn’t expect from the Mexican government to be ahead on this regulations as Estonia or Switzerland is, but so far I think they have done a great job joining with the cryptoboom from a regulation angle.

I think Bitso helped massively collaborating and educating and im proud to say that so far they have done a terrific job advising the government, that is no easy task in our country adding to that the complexity of such technology for a non technical person.

They also state that this tech is constantly on innovation and to avoid money laundry and terrorism they encourage use of sandbox to test but keeping up to everyday innovations and business models we are seeing, including ICOs but not getting into it, so like I said at the beginning they really give a lot of opportunity to mitigate the changes but at the same time really supportive to new ones to come and we don’t even know of on such a evolving ecosystem.

On the other side Banks involvement is highly noticeable, the law clearly states see that if you want to fund or withdraw revenues or money at all, has to be thru a financial institution (A bank of course) that way all the accounts are fully monitored and for them to be able to sell cryptocurrencies and cryptofunds directly from the bank? this is my pure speculation.

I particularly find that they are also doing this because remittances are a huge one of the major incomes to the country (around 30 billions a year) therefore western union or electra really take advantage of Mexican citizens charging up to 6% per transfer, without this barrier and using crypto this will lower to less than 1% (cant wait for this to happen on a mainstream level) but money has to be exchanged thru banks and Mexican IRS to take their share.

I do believe that they should be more transparent and really express what the future plans and intentions are.