Bhutan vs Indonesia
Crypto regulation comparison
Bhutan
Indonesia
Legal
Legal
Bhutan has quietly become a significant Bitcoin miner through its government investment arm, Druk Holding & Investments, leveraging hydroelectric power. No tax on crypto.
Cryptocurrency is legal in Indonesia and classified as a commodity (not currency). Bappebti regulated crypto since 2019, but authority transitioned to OJK (Financial Services Authority) in January 2025. Under PMK 50/2025 (effective August 2025), crypto transactions incur a 0.21% final income tax via domestic exchanges (1% via foreign platforms). VAT on crypto transfers was abolished as crypto was reclassified as digital financial assets.
Tax Type
No tax
Tax Type
Varies
Tax Rate
0%
Tax Rate
0.21% (domestic exchange) / 1% (foreign platform)
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Royal Monetary Authority of Bhutan
Regulator
OJK (Otoritas Jasa Keuangan) since January 2025
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Crypto traded as commodities; stablecoin-specific rules under development with OJK transition
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
Key Points
- Crypto regulated by OJK since January 2025, transitioned from Bappebti
- 0.21% final income tax on (PPh Art. 22) crypto transaction value for sales per PMK 50/2025
- VAT abolished under PMK 50/2025; reclassified as digital financial assets
- Only crypto assets approved and listed by Bappebti can be traded on licensed exchanges
- Indonesia launched a national crypto exchange (Bursa Kripto Indonesia) in 2023