Bhutan and Bitcoin: a state that mines, residents who can’t buy

If you have searched “Bhutan Bitcoin”, you have probably heard the pitch: a Buddhist kingdom of about 780,000 people quietly became one of the world’s largest state holders of Bitcoin, mined with Himalayan hydropower. True — but only half the story. The other half is that Bhutanese residents cannot legally buy crypto with ngultrum (BTN), and the state’s coins have flowed out heavily over the past eighteen months. Here are the rules, the numbers and what visitors can actually do.

Market passport · Kingdom of Bhutan

Bhutan

Legal status

Not banned; not legal tender; no lawful BTN on-ramp for residents

Regulators

Royal Monetary Authority (RMA); GFSO inside GMC

Exchanges & mining

Only for entities registered in Gelephu Mindfulness City

Currency

Ngultrum (BTN)

Tax

22% corporate; personal gains undefined

Sovereign BTC

Peak ~13,000; ~3,100 on-chain in May 2026 (disputed)

Tourist payments

Binance Pay + DK Bank since May 2025

01Is crypto legal in Bhutan? What the RMA allows

On 30 April 2025 the Royal Monetary Authority of Bhutan (RMA), the central bank, set out a “phased and focused” stance on cryptocurrency. Crypto mining and exchanges are allowed only for entities registered in Gelephu Mindfulness City (GMC) and their business partners, and RMA-supervised banks may not let the public convert ngultrum into crypto. No retail crypto trading is authorised outside GMC.

Holding crypto is not explicitly criminalised, but residents have no legal local on-ramp, and available sources do not specify penalties. Bank of Bhutan (and its mBoB app), Bhutan National Bank and DK Bank cannot process crypto purchases. A naming quirk worth knowing: in Bhutan “BNB” usually means Bhutan National Bank, not Binance Coin.

02Bhutan’s sovereign Bitcoin: mining and holdings

Bhutan’s sovereign wealth fund, Druk Holding & Investments (DHI), has mined and held Bitcoin since around 2019, powered by the country’s abundant hydropower. Wallets linked to it peaked at about 13,000 BTC in October 2024.

Then the coins started moving. According to the on-chain analytics firm Arkham, steady outflows cut the balance to 3,954 BTC in April 2026 and to about 3,100 BTC (roughly $252 million) on 16 May 2026 — around $1 billion moved out since July 2025. Arkham projected the wallets could be empty by October 2026 if the pace held. DHI chief executive Ujjwal Deep Dahal, however, said he did “not recall” recent sales and that mining remained active, even though Arkham showed no significant mining inflows for more than a year. As of October 2026 the exact holding cannot be independently verified, so we don’t quote a fixed figure.

03Gelephu Mindfulness City and Bhutan’s first exchange licence

Gelephu Mindfulness City is a special administrative region in southern Bhutan with its own legal system. GMC Law No. 1, the Application of Laws Act of 26 December 2024, imports Abu Dhabi Global Market (ADGM) common-law financial rules. The regulator is the Gelephu Financial Services Office (GFSO), operating under the Financial Services Act 2025; any virtual asset business needs a Financial Services Licence (FSL). On 8 January 2025 GMC said it would hold BTC, ETH and BNB in its strategic reserves.

On 29 September 2026 BTSE Bhutan received the first FSL, covering a multilateral trading facility for virtual assets plus custody. It starts with BTC/USDT and ETH/USDT, with a USD on- and off-ramp planned later and no ngultrum on-ramp announced. Bitget has signed a cooperation agreement with GMC to pursue a licence but is not licensed. Keep in mind that a GMC licence covers GMC entities and their clients — it does not give Bhutanese residents a legal way to buy.

04How tourists pay with crypto in Bhutan

For visitors, Bhutan is one of the few countries where crypto works for payments nationwide. In May 2025 the Department of Tourism, Binance Pay and the digital bank DK Bank launched what they called the world’s first national-level crypto tourism payment system. Tourists can pay participating hotels, tour operators, attractions and even visa fees in more than 100 assets, including BTC, USDC and BNB; DK Bank settles with the merchant in ngultrum. Fees are described as near zero.

1. Set up your account at home

   Open and verify a Binance account in a country where it legally serves you, and check that Binance Pay is enabled.

2. Fund what you plan to spend

   Keep the amount you expect to pay — a stablecoin such as USDC avoids price swings at the till.

3. Ask the merchant first

   Only participating merchants accept it; confirm with your tour operator when you book.

4. Scan, check, keep the receipt

   Scan the merchant’s Binance Pay QR code, confirm the amount and save the payment screenshot and receipt.

For more on where Bitcoin is accepted, see our guide to spending Bitcoin; first-time buyers can start with how to buy crypto.

05Tax and risks

Bhutan has no crypto-specific tax law. Under the Income Tax Act crypto businesses pay the 22% corporate rate; personal income tax is progressive, but how individual crypto gains are treated is undefined. GMC has its own tax regime for registered entities.

The remaining risks are the scale of sovereign outflows and the uncertainty over whether mining continues — one more reason not to treat “Bhutan is stacking Bitcoin” as a basis for any investment decision. For wallet and account safety see crypto security, and for the rest of the region our countries hub.

FAQ

Sources

• Royal Monetary Authority of Bhutan — Regulatory stance on cryptocurrency (notice URL, unreachable during research) · 30 Apr 2025
• CoinDesk — Bhutan has sold 70% of its bitcoin in 18 months · 11 Apr 2026
• CoinDesk — Bhutan doesn’t recall selling any bitcoin · 16 May 2026
• Gelephu Financial Services Office (GFSO) · checked Oct 2026
• Chainwire — BTSE Bhutan receives Financial Services Licence in GMC · 29 Sep 2026
• Cointelegraph — Bhutan launches crypto tourism payments with Binance Pay and DK Bank · May 2025

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