Belgium vs Bhutan
Crypto regulation comparison
Belgium
Bhutan
Legal
Legal
Cryptocurrency is legal in Belgium and regulated under the EU's MiCA framework. Tax treatment depends on whether gains are considered normal management of private assets (tax-free), speculative (33% misc income), or professional income (progressive rates). The FSMA has banned distribution of crypto derivatives to consumers.
Bhutan has quietly become a significant Bitcoin miner through its government investment arm, Druk Holding & Investments, leveraging hydroelectric power. No tax on crypto.
Tax Type
Varies
Tax Type
No tax
Tax Rate
0-33%
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
FSMA (Financial Services and Markets Authority)
Regulator
Royal Monetary Authority of Bhutan
Stablecoin Rules
Regulated under EU MiCA framework
Stablecoin Rules
No specific stablecoin regulation
Key Points
- Tax treatment depends on classification: normal portfolio management (0%), speculation (33%), or professional (up to 50%)
- FSMA banned advertising of crypto derivatives and certain crypto products to consumers in 2022
- VASPs must register with FSMA and comply with AML/KYC requirements
- MiCA regulation fully applicable from December 2024
- Belgium has a relatively active crypto community and blockchain ecosystem
Key Points
- Government entity Druk Holding & Investments mines Bitcoin
- Hydroelectric power used for mining operations
- No income or capital gains tax in Bhutan
- Royal Monetary Authority provides oversight
- One of the few countries with state-level crypto mining operations