---
type: country
domain: crypto-regulation
status: stable
tags: ["crypto-regulation", "south_asia", "apg", "restricted"]
aliases: ["BT", "BTN", "འབྲུག་ཡུལ"]
created: 2026-06-01
updated: 2026-04-02
compile_into: ["[[country--bhutan]]"]
sources:
  - name: "https://www.rma.org.bt"
    url: "https://www.rma.org.bt"
    type: "official"
---

#  Bhutan (BT) — Crypto Regulation

> 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.

## Overview

| Field | Value |
|-------|-------|
| Status | Restricted |
| Risk Score | 55/100 (High Risk) |
| Enforcement Level | Moderate |
| Region | [[domain--asia-pacific|south asia]] |
| Currency | [[entity--btn|BTN]] |

## Tax

| Type | Rate |
|------|------|
| 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 |
| Mining Tax | No specific guidance |
| Staking Tax | No personal tax |
| Airdrop Tax | No personal tax |

No crypto-specific tax guidance available.

## Licensing

| Field | Value |
|-------|-------|
| 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 |
| Cost | N/A |
| Timeline | N/A months |

## AML / KYC

| Field | Value |
|-------|-------|
| KYC Required | Yes |
| Travel Rule | No |
| FATF Member | No |
| FATF Status | non_compliant |

## DeFi

**Status:** unregulated

## Stablecoins

**Status:** unregulated

## NFTs

**Status:** unregulated

## Mining

| Field | Value |
|-------|-------|
| Legal | Yes |
| Electricity Cost | $0.032/kWh |
| Renewable Energy | 100% |
| Climate | temperate |
| Infrastructure | fair |

Bhutan has abundant hydropower resources providing very low-cost, 100% renewable electricity. The government is directly involved in Bitcoin mining via Druk Holding & Investments, supporting mining legality and infrastructure.

## Geopolitics

| Field | Value |
|-------|-------|
| Stability | stable |
| Sanctions | No |
| Corruption Index | 60/100 |
| Ease of Business | moderate |
| Internet Freedom | partly_free |
| Banking Access | moderate |

## Enforcement

No detailed enforcement information available

## CBDC Status: pilot

## FAQ

### Is cryptocurrency legal in Bhutan?

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

### What is the FATF status of Bhutan?

Bhutan is classified by FATF as: non_compliant.

### Are VASPs licensed in Bhutan?

Yes, licensing is required for VASPs.

### What is the AML/KYC regime in Bhutan?

KYC is mandatory for crypto businesses.

---

*Data source: [Soken Crypto Legal Map](https://soken.dev/crypto-map/). Last reviewed: 2026-06-01.*

**Sources:**
- [https://www.rma.org.bt](https://www.rma.org.bt)