🇲🇽 Mexico vs 🇬🇧 United Kingdom: e-money licensing compared
Decision context and regulator route
Choosing between Mexico and United Kingdom for a e-money licence starts with who you will answer to: CNBV together with Banco de Mexico (Banxico). on one side, Financial Conduct Authority (FCA). on the other, via the No EMI. IFPE (Institucion de Fondos de Pago Electronico) under the Ley Fintech. and the Authorised EMI (AEMI) or Small EMI (SEMI) under the Electronic Money Regulations 2011. respectively. The public fields are shown below, with the full dated and sourced comparison included with access.
Mexico: verified 2026-08-01 · United Kingdom: verified 2026-08-15
| Dimension |
🇲🇽 Mexico
analogue
partly open
Verified 2026-08-01
|
🇬🇧 United Kingdom
Free in full
Verified 2026-08-15
|
|---|---|---|
| Licence type | No EMI. IFPE (Institucion de Fondos de Pago Electronico) under the Ley Fintech. | Authorised EMI (AEMI) or Small EMI (SEMI) under the Electronic Money Regulations 2011. |
| Regulator | CNBV together with Banco de Mexico (Banxico). | Financial Conduct Authority (FCA). |
| Capital requirement | Mexico capital requirement is included in the £349 pass. | AEMI GBP 350,000 initial plus own funds 2% of average outstanding e-money. SEMI no initial capital, capped below EUR 5m outstanding. |
| Timeline to authorisation | Mexico timeline to authorisation is included in the £349 pass. | About 6 to 12 months including pre-application (statutory 3 months from a complete application). |
| Local substance | Mexico local substance is included in the £349 pass. | UK entity with UK mind and management, MLRO, adequate local staffing. |
| Application cost | Mexico application cost is included in the £349 pass. | FCA application fee GBP 5,640 for an authorised EMI (Category 5) or GBP 1,130 for a small EMI (Category 3). Professional and implementation costs are project-specific. |
| Ongoing cost | Mexico ongoing cost is included in the £349 pass. | FCA periodic fees, annual safeguarding audit, compliance headcount. |
| Passporting | Mexico passporting is included in the £349 pass. | None after Brexit, no EEA passport. |
| EMIs authorised | Mexico emis authorised is included in the £349 pass. | Around 338 e-money firms on the FCA register including small EMIs, the largest EMI population in Europe. |
| Key restrictions | Mexico key restrictions is included in the £349 pass. | No interest on e-money, no deposit-taking; a SEMI cannot provide AIS or PIS. |
| Safeguarding | Mexico safeguarding is included in the £349 pass. | Segregation or insurance or comparable guarantee. FCA Supplementary safeguarding regime (Policy Statement PS25/12, published 7 August 2025) in force from 7 May 2026: daily reconciliations, monthly regulatory reporting, annual safeguarding audit by a qualified auditor, resolution pack, third-party due diligence; audit exemption below GBP 100k. Stage 2 CASS-style statutory trust (Post-Repeal Regime) still under FCA review, not yet confirmed. |
| Recent changes | Continuing CNBV and Banxico secondary rules. On 6 May 2026 Senator Alejandro Murat introduced a Senate bill to regulate peso-pegged stablecoins (Activos Virtuales Estables), naming authorised ITFs (including IFPEs) and credit institutions as permitted issuers under Banxico supervision; it remains a bill before committee, not enacted law. | FCA safeguarding reform live from 7 May 2026 (first monthly REP027 return fell due 21 July 2026). HM Treasury's Modernising Payment Services Regulation consultation, published 14 July 2026, proposes rebuilding the PSRs 2017 and EMRs 2011 into a single FCA-rulebook framework spanning fiat, tokenised deposits and UK qualifying stablecoins; it closes 6 October 2026. |
| Difficulty rating | Mexico difficulty rating is included in the £349 pass. | 4. Rigorous on financial crime and safeguarding, very large market. |
Unlock the pass to see each gated figure with its source and verification date.
What changed recently
🇲🇽 Mexico (verified 2026-08-01): Continuing CNBV and Banxico secondary rules. On 6 May 2026 Senator Alejandro Murat introduced a Senate bill to regulate peso-pegged stablecoins (Activos Virtuales Estables), naming authorised ITFs (including IFPEs) and credit institutions as permitted issuers under Banxico supervision; it remains a bill before committee, not enacted law.
🇬🇧 United Kingdom (verified 2026-08-15): FCA safeguarding reform live from 7 May 2026 (first monthly REP027 return fell due 21 July 2026). HM Treasury's Modernising Payment Services Regulation consultation, published 14 July 2026, proposes rebuilding the PSRs 2017 and EMRs 2011 into a single FCA-rulebook framework spanning fiat, tokenised deposits and UK qualifying stablecoins; it closes 6 October 2026.
Quick answers
Who regulates e-money licensing in Mexico and United Kingdom?
Mexico: CNBV together with Banco de Mexico (Banxico).. United Kingdom: Financial Conduct Authority (FCA)..
What licence do you need in Mexico compared with United Kingdom?
In Mexico the authorisation route is No EMI. IFPE (Institucion de Fondos de Pago Electronico) under the Ley Fintech.; in United Kingdom it is Authorised EMI (AEMI) or Small EMI (SEMI) under the Electronic Money Regulations 2011.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Mexico vs United Kingdom comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /e-money/compare/mexico-vs-united-kingdom.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.