Four PillarsFour PillarsAsia Digital Asset Policy Center

South Asia

Bhutan

A hydro-powered bitcoin miner that walls crypto off: licensed activity lives only in Gelephu Mindfulness City, and home banks stay closed.

Ask Asia Navigator about Bhutan →

Licences

What it takes to operate in Bhutan: 3 licences, who issues each, what it covers and who holds one.

GFSO Financial Services Licence (virtual asset regulated activities)

GFSO · Financial Services Act 2025; GFSO rulebooks; Virtual Asset Guidance 2026

Dealing as principal or agent, custody, money services, asset management, arranging and advising in relation to virtual assets in or from GMC; the same licence covers traditional finance.

What it takes
  • Initial meeting with the GFSO, then an application reviewed over about six to eight months to in-principle approval
  • Capital of US$200,000 or six months' expenses for dealers, custodians and money services; US$10,000 for arrangers and advisers
  • Local GMC company, GMC bank account, office space and key staff hired before the licence is issued
  • Only Accepted Virtual Assets (BTC, ETH, BNB, USDC, USDT by default) may be offered
  • Annual supervision fee of US$5,000 per regulated activity

Holders include

10holders, 5 Oct 2026Register

GFSO licence to Operate a Multilateral Trading Facility (virtual asset exchange)

GFSO · Financial Services Act 2025; Conduct of Business Rulebook; Virtual Asset Guidance 2026

Running a crypto exchange in GMC that matches buyers and sellers of accepted virtual assets.

What it takes
  • Capital of US$500,000 or 12 months' operating expenses, whichever is higher, held in fiat
  • Market surveillance, fair and orderly trading and market abuse controls
  • Custody arrangements and technology governance for wallets and private keys
  • Application and annual supervision fee of US$50,000

Holders include

1holders, 5 Oct 2026Register

GFSO permission for Issuing a Fiat-Referenced Token

GFSO · Financial Services Act 2025 (section 53B); Virtual Asset Guidance 2026

Issuing a stablecoin that references a single fiat currency and is redeemable for it, from GMC.

What it takes
  • Reserve of high-quality liquid assets in the same currency as the token
  • Separate regulated activity requiring its own licence and discussion with the GFSO before applying
  • Redemption rights for holders at the referenced fiat amount
No public countRegister

More in South Asia

Members · free

Sign in to see every licence and holder

One free account opens every market's regulation, licences and companies, the AI tools, letters and the magazine.