Bhutan vs Madagascar
Crypto regulation comparison
Bhutan
Madagascar
Legal
No Regulation
Bhutan has quietly become a significant Bitcoin miner through its government investment arm, Druk Holding & Investments, leveraging hydroelectric power. No tax on crypto.
Madagascar has no specific cryptocurrency regulation. The central bank has not issued formal guidance on crypto. Crypto operates in a legal gray area.
Tax Type
No tax
Tax Type
None
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Royal Monetary Authority of Bhutan
Regulator
Banque Centrale de Madagascar
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No stablecoin regulation
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
- No specific cryptocurrency legislation
- Central bank has not issued formal crypto guidance
- Crypto not recognized as legal tender
- Limited crypto adoption and infrastructure
- No licensing framework for crypto businesses