In Mexico's Largest Election Yet, Crypto Remains on the Sidelines Amidst Cartel Violence and Corruption Concerns

In Mexico's upcoming election, which is anticipated to be the largest in its history, with 100 million voters selecting 628 officials including the president, crypto-related issues are expected to remain on the sidelines. The frontrunner for the presidency is Claudia Sheinbaum, the former mayor of Mexico City, representing the ruling left-wing Morena party. Sheinbaum's party has maintained a cautious stance on crypto, focusing more on customer protection rather than enacting explicit legislation. However, they have imposed a 20% tax on crypto gains and require cryptocurrency exchanges to be registered under global anti-money laundering and terror financing regulations. Sheinbaum's party has also expressed interest in regulating blockchain technology to enhance security within the ecosystem. Despite this, the ongoing concerns of cartel violence, corruption, and migration are likely to overshadow any potential focus on crypto during the campaign.