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| Dimension |
Pinned 🇲🇽 Mexico partly open Verified 2026-08-15
|
🇰🇷 South Korea
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | No dedicated public-facing crypto licence. Ley Fintech (2018) offers the IFPE (e-money institution) and IFC (crowdfunding) routes; virtual-asset operations by regulated entities need Banxico authorisation (internal-only, effectively not granted for customer crypto). | VASP registration (not a discretionary licence) under the Act on Reporting and Using Specified Financial Transaction Information (the 'FTRA'/AML Reporting Act, amended effective 25 Mar 2021), which requires: (1) ISMS certification from KISA (Korea Internet & Security Agency); (2) for KRW fiat on/off-ramp services, a bank-issued real-name verified account; plus fit-and-proper/AML program requirements. Layered on top since 19 July 2024 is the Act on the Protection of Virtual Asset Users (VAUPA), which adds customer-asset segregation, insurance/reserve, and market-abuse rules but does not replace the underlying FTRA registration. |
| Regulator | CNBV authorises/supervises ITFs (with the Comite Interinstitucional); Banco de Mexico (Banxico) controls virtual-asset authorisations and payments; SHCP/SAT/UIF for AML; CONDUSEF for consumer protection. | Financial Services Commission (FSC), Korea's top financial policymaker; Korea Financial Intelligence Unit (KoFIU, also referred to as FIU), an FSC-subordinate unit established 2001 under the FTRA that receives and processes VASP registrations and AML reporting; day-to-day supervision/inspection is delegated to the Financial Supervisory Service (FSS), which set up dedicated Virtual Asset Supervision/Investigation bureaus (announced 29 Nov 2023). FSC retains final sanctioning authority. |
| Capital requirement | Mexico capital requirement is included in the £349 pass. | South Korea capital requirement is included in the £349 pass. |
| Timeline to authorisation | Mexico timeline to authorisation is included in the £349 pass. | South Korea timeline to authorisation is included in the £349 pass. |
| Local substance | Mexico local substance is included in the £349 pass. | South Korea local substance is included in the £349 pass. |
| Application cost | Mexico application cost is included in the £349 pass. | South Korea application cost is included in the £349 pass. |
| Ongoing cost | Mexico ongoing cost is included in the £349 pass. | South Korea ongoing cost is included in the £349 pass. |
| Passporting | Mexico passporting is included in the £349 pass. | South Korea passporting is included in the £349 pass. |
| MiCA CASPs approved | Mexico mica casps approved is included in the £349 pass. | South Korea mica casps approved is included in the £349 pass. |
| Key restrictions | Mexico key restrictions is included in the £349 pass. | South Korea key restrictions is included in the £349 pass. |
| Recent changes | Major AML Law reform enacted 16 Jul 2025 (VASPs serving Mexican residents in scope; Travel Rule; 10-yr records). Banxico (Dec 2025) reiterated stablecoins pose financial-stability risks. A Fintech Law 2.0 is discussed but NOT enacted. On 6 May 2026 Senator Alejandro Murat introduced a Senate bill to regulate peso-pegged stablecoins (Activos Virtuales Estables), restricting issuance to authorised ITFs and credit institutions under Banxico supervision; it remains a bill before committee, not enacted law. | The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious. |
| Difficulty rating | Mexico difficulty rating is included in the £349 pass. | South Korea difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
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