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Bhutan vs Madagascar

Crypto regulation comparison

← Back to map | Bhutan | Madagascar
Bhutan

Bhutan

Madagascar

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 Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes 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
Sources
Sources