Bhutan vs North Macedonia
Crypto regulation comparison
Bhutan
North Macedonia
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.
North Macedonia has no dedicated cryptocurrency legislation. Crypto is not prohibited and operates in a regulatory gray area. The general flat 10% income tax rate may apply to crypto profits. The government is working toward EU MiCA alignment and plans to license crypto exchanges by 2025-2026.
Tax Type
No tax
Tax Type
Income
Tax Rate
0%
Tax Rate
10%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Royal Monetary Authority of Bhutan
Regulator
National Bank of the Republic of North Macedonia
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No specific 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 dedicated cryptocurrency legislation
- Central bank has acknowledged crypto without banning it
- General flat 10% personal income tax rate may apply to crypto profits
- Government working toward licensing crypto exchanges by 2025-2026
- Working toward EU candidacy and alignment with MiCA regulation