Bhutan vs Russia
Crypto regulation comparison
Bhutan
Russia
Legal
Partially Regulated
Bhutan has quietly become a significant Bitcoin miner through its government investment arm, Druk Holding & Investments, leveraging hydroelectric power. No tax on crypto.
Russia's crypto regulation is complex and evolving. The 2021 'On Digital Financial Assets' law recognizes crypto as property but bans its use as a means of payment. Mining was legalized and regulated in 2024 under a new mining law. Crypto is taxed as income at 13-15%. The CBR pushed for a total ban on crypto trading but was overruled by the government, which favors regulation. International sanctions have complicated Russia's crypto landscape.
Tax Type
No tax
Tax Type
Income
Tax Rate
0%
Tax Rate
13-15%
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
Yes
Regulator
Royal Monetary Authority of Bhutan
Regulator
CBR (Central Bank of Russia), Ministry of Finance
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Crypto payments banned; digital ruble CBDC introduced
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
- Digital Financial Assets law (2021) recognizes crypto as property but bans use as payment
- Crypto mining officially legalized and regulated under 2024 mining legislation
- Crypto income taxed at 13% (up to RUB 5M) or 15% (above RUB 5M)
- Domestic crypto exchanges not legally operating; P2P trading widespread. CBR framework Dec 2025 targeting July 2026.
- International sanctions have increased interest in crypto for cross-border transfers