Bhutan
BhutanA hydro-powered bitcoin miner that walls crypto off: licensed activity lives only in Gelephu Mindfulness City, and home banks stay closed.
Key Regulatory Progress
Every law, rule and official guide on crypto in Bhutan: 10 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- In forceApplies today
Application of Laws Act 2024 (Law No. 1 of 2024)
Applies Singapore common law and specified ADGM financial services rules in GMC from 26 December 2024, giving crypto firms a working rulebook from day one. Amended in 2025 and 2026; the ADGM regulations themselves were replaced by GMC's Financial Services Act 2025.
Read the original - In forceApplies today
Financial Services Act 2025 (Law No. 5 of 2025)
GMC's omnibus financial law, replacing the imported ADGM regulations and deemed in operation from 26 December 2024. It requires a GFSO licence for regulated activities in virtual assets and makes issuing a fiat-referenced token a regulated activity.
Read the original - In forceApplies today
Royal Charter of Gelephu Mindfulness City Special Administrative Region (Royal Charter No. 1 of 2024)
Granted by the Druk Gyalpo on 10 February 2024, it creates GMC as a special administrative region with legal autonomy and lets its Authority make laws, the basis for its separate financial regime. The PDF is GMC's own file, linked from its official legislation page.
Read the original
Exchanges & custody
Licensing, conduct and custody rules for trading platforms and service providers.
- In forceApplies today
Gelephu Financial Services Office: licensing process and Financial Institutions Directory
Official licensing route (initial meeting, application, in-principle approval, licence) and the public register, which listed ten licensed firms when checked on 5 October 2026.
Read the original - In forceApplies today
General Rulebook (GEN)
Core rules on authorisation, governance, systems and controls and reporting that apply to every GFSO licensee, including virtual asset firms.
Read the original - In forceApplies today
Market Infrastructure Rulebook (MIR)
Rules for licensed exchanges and clearing houses in GMC (Licensed Bodies), covering suitability, governance, market operation and default rules.
Read the original - GuidanceNot binding law
GFSO Virtual Asset Guidance 2026 (Version 1.0)
Sets out accepted virtual assets, capital (US$200,000 for dealers and custodians, US$500,000 for an exchange), custody, technology and AML expectations, and the framework for stablecoin issuers.
Read the original
Tokenisation & securities
Security tokens, RWA, funds and ETFs.
- In forceApplies today
Fund Rulebook (FUNDS), Version 1.0
Rules for domestic and foreign funds offered in or from GMC, relevant to crypto and tokenised-asset fund managers.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- In forceApplies today
Anti-Money Laundering and Sanctions Rulebook (AML)
AML, counter-terrorist financing and sanctions duties for all GFSO licensees, applied to virtual asset firms together with the Travel Rule expectations in the Virtual Asset Guidance.
Read the original
Tax
How gains, income and transactions are taxed.
- In forceApplies today
Income Tax Act 2025 (Law No. 6 of 2025)
Deemed in operation from 26 December 2024, with some provisions commenced later by notification. Taxes companies in GMC at 15% and non-citizen individuals at 0% on income derived up to 31 December 2030; it has no crypto-specific provisions.
Read the original
Investor protection
Market abuse, disclosure, advertising and retail safeguards.
- In forceApplies today
Conduct of Business Rulebook (COBS)
Client classification, disclosure, client money and multilateral trading facility rules, including provisions specific to virtual assets; the Virtual Asset Guidance adds crypto risk warnings.
Read the original
Banks & prudential
What banks may hold, custody or issue.
- GuidanceNot binding law
Notification: RMA's Regulatory Stance on Crypto Currency
Allows crypto mining and exchanges only for GMC-registered entities under GMC's regulatory framework, and keeps crypto on-ramping through RMA-regulated domestic banks restricted.
Read the original
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