Bhutan vs Uruguay
Crypto regulation comparison
Bhutan
Uruguay
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.
Uruguay has a generally favorable stance toward cryptocurrency. The BCU has not banned crypto and in 2024 introduced regulations for virtual asset service providers. Crypto income may be taxed at 12% under the IRPF (personal income tax) as capital income. Uruguay has a stable economy and is positioning itself as a fintech hub in Latin America.
Tax Type
No tax
Tax Type
Income
Tax Rate
0%
Tax Rate
12%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Royal Monetary Authority of Bhutan
Regulator
BCU (Banco Central del Uruguay)
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
- BCU introduced VASP regulations in 2024
- Crypto income taxed at 12% as capital income under IRPF
- Crypto not classified as legal tender; peso remains the national currency
- Uruguay has a relatively stable economy and favorable fintech environment
- AML/KYC requirements apply to registered VASPs