Is crypto legal in Bhutan?

Crypto is not legal tender in Bhutan, and as of October 2026 crypto businesses are allowed only inside a special framework. The central bank permits mining and exchanges only for firms registered with Gelephu Mindfulness City, a special administrative region with its own laws. At the same time, the state itself has mined bitcoin for years through its investment arm.

Is bitcoin legal in Bhutan?

Bitcoin is not money under Bhutanese law. A 2023 report in The Bhutanese said the RMA does not recognise or endorse crypto as a substitute for legal tender. Under the RMA's sandbox at the time, domestic buying, selling and trading of crypto was barred, as was running an exchange or broker.

In an April 30, 2025 notice on its stance on cryptocurrency, the RMA said it would take a phased approach, allowing crypto mining and exchanges only for entities registered with GMC and their business partners under the GMC framework, Cointelegraph reported. The sources reviewed do not set out rules for individuals who simply hold crypto.

Is crypto mining legal in Bhutan?

Only for approved operators. Mining has been led by Druk Holding and Investments (DHI), the government's commercial and investment arm. DHI started mining under a sandbox approach years before 2023, Bloomberg reported, and its CEO said in 2025 that DHI began adding crypto to its portfolio in 2019. In May 2023 DHI and Nasdaq-listed miner Bitdeer announced plans for a fund of up to US$500 million for carbon-free mining using Bhutan's hydropower. To learn how this works, read how does bitcoin mining work and is crypto mining legal.

Private miners needed the RMA's prior written approval under the 2023 sandbox, The Bhutanese reported, and since 2025 the RMA has tied mining to GMC registration.

How does Gelephu Mindfulness City regulate crypto?

GMC has its own financial regulator, the Gelephu Financial Services Office (GFSO). Its Virtual Asset Guidance 2026, issued under the Financial Services Act 2025, says firms need a Financial Services Licence to deal in, hold custody of, transfer or manage virtual assets, to run a crypto exchange, or to issue fiat-referenced tokens, a type of stablecoin. Application fees start at US$5,000 per activity and are US$50,000 for an exchange. Annual supervision fees follow the same amounts, and fees add up for each licensed activity. The guidance also applies anti-money laundering and market abuse rules to licensed firms.

In May 2026 GMC launched a fast-track licensing route for firms already licensed in places such as Singapore, Abu Dhabi Global Market and Hong Kong, with corporate bank accounts through DK Bank, The Block reported. For other countries' approaches, see crypto regulation around the world.

Rules differ by country and change often. Check the regulator or a qualified professional for your own situation.