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Mexico’s crypto position is unlikely to change with the election of Claudia Sheinbaum of the ruling Morena party as president
The former mayor of Mexico City, Claudia Sheinbaum, she was elected president of Mexico to become the first woman to hold that position, according to numerous reports including The New York Times.
The result signals the likely continuation of Mexico’s crypto policy because Sheinbaum belongs to the ruling Morena party. His predecessor, Andres Manuel Lopez Obrador, could not run again under the Constitution. Sheinbaum aligned herself with Obrador’s policies, even though there was little to no talk about cryptocurrencies in Mexico’s biggest election to date.
The Morena party has not proposed any comprehensive legislation for the cryptocurrency sector, although it has imposed a 20% tax on cryptocurrency-related earnings. Other policies and regulations require cryptocurrency exchanges to be registered under global anti-money laundering and terrorist financing requirements. The party also reflected on focus on blockchain regulation to make technology and the ecosystem safer.
It is too early to say whether recent cryptocurrency-related developments in the United States, which occurred during the election campaigns in Mexico, will encourage the Morena party to reconsider its position of “keeping crypto politics in the shadows”. Mexico is the the largest remittance market from the United States, making cryptocurrencies a potential option for Mexicans.
Sheinbaum said she is confident she will have a good relationship with whoever comes to power in 2024.