Bhutan restricts crypto mining and exchange to entities registered within Gelephu Mindfulness City (GMC), per RMA's April 2025 notice. The Gelephu Financial Services Office (GFSO) is the regulator within GMC, operating under the Financial Services Act 2025. On-ramping through RMA-regulated domestic banks remains prohibited. Government-backed Bitcoin mining via Druk Holding & Investments continues. A fast-track licensing pathway for firms already regulated in Singapore, Hong Kong, or ADGM was launched in May 2026.
| Status | Restricted |
| Risk Score | 55/100 (High Risk) |
| Region | south asia |
| Currency | BTN |
| Capital Gains (Personal) | 0% - no capital gains tax |
| Capital Gains (Corporate) | 22% CIT for all companies (Income Tax Act 2025, effective January 2026); prior differentiated 25%/30% rates replaced by flat 22% |
| VAT on Crypto | No |
| Staking Tax | No personal tax |
| Airdrop Tax | No personal tax |
No crypto-specific tax guidance available.
| Required | Yes |
| Regulator | GFSO (for GMC-based crypto activities); RMA (for rest of Bhutan) |
| Framework | Financial Services Act 2025 (FSA) — GMC/GFSO framework governing all regulated financial and digital asset activities within Gelephu Mindfulness City; RMA April 2025 notice restricts mining/exchange to GMC entities nationally |
| Ease | moderate |
No detailed enforcement information available
| Status | Research |
| Name | digital Ngultrum |
| Issuing Authority | Royal Monetary Authority |
| Model | hybrid |
| Technology | Ripple |
| KYC Required | Yes |
| Travel Rule | No |
| FATF Member | No |
| FATF Status | non_compliant |
| FATF Body | APG |
| Suspicious-Activity Reporting | No |
Status: unregulated
Status: unregulated
Status: unregulated
| Legal | Yes |
| Electricity Cost | $0.032/kWh |
| Renewable Energy | 100% |
| Infrastructure | fair |
Mining and crypto exchange activities are restricted to entities within Gelephu Mindfulness City (GMC) per RMA April 2025 notice; electricity is very low cost and fully renewable due to abundant hydropower.
| Stability | moderate |
| Sanctions | No |
| Corruption Index | 60/100 |
| Banking Access | moderate |
| Sanctions Program Active | No |
Risk Factors
Bhutan maintains moderate political stability with no international sanctions. Crypto activities are tightly regulated and geographically restricted, impacting ease of doing crypto business.
Bhutan restricts crypto mining and exchange to entities registered within Gelephu Mindfulness City (GMC), per RMA's April 2025 notice. The Gelephu Financial Services Office (GFSO) is the regulator within GMC, operating under the Financial Services Act 2025. On-ramping through RMA-regulated domestic banks remains prohibited. Government-backed Bitcoin mining via Druk Holding & Investments continues. A fast-track licensing pathway for firms already regulated in Singapore, Hong Kong, or ADGM was lau
Bhutan is classified by FATF as: non_compliant.
Yes, licensing is required for VASPs.
KYC is mandatory for crypto businesses.
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Explore IT Services →Last reviewed: 2026-09-10 · Data source: Soken Crypto Legal Map
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