The Royal Monetary Authority of Bhutan has published amended e-Money Issuer Rules and Regulations 2026 for public comment, setting a consolidated framework for the issuance, management, operations and oversight of electronic money in Bhutan. The draft rules apply to all entities licensed by the Authority to issue e-money, including banks, deposit-taking microfinance institutions, non-bank financial institutions, payment institutions, mobile network operators and fintech companies, as well as their agents and outsourced service providers. The proposed framework covers licensing and application requirements, governance and risk management expectations, AML/CFT controls, consumer protection and supervisory powers, including onsite and offsite supervision and access to e-money issuers’ IT systems and databases and, where relevant, those of agents and outsourced entities. For entities other than authorised banks and deposit-taking institutions, the draft requires additional paid-up capital of Nu. 2,000,000 and provides that the Authority will notify applicants of a licensing decision within 90 days of receiving an application or requested additional information, with 30 days to seek reconsideration if refused; licences are non-transferable and may be withdrawn or suspended if an issuer does not commence operations within six months of licensing or ceases operations for more than 30 days. Safeguarding requirements include segregation and a prohibition on commingling customer float, and, for e-money issuers other than banks and deposit-taking microfinance institutions, maintaining unencumbered liquid assets equal to outstanding e-money; daily reconciliation must be completed by 4:00 p.m. Bhutan Standard Time with any shortfall covered by 12:00 p.m. on the following business day. The draft also sets annual licence renewal fees of Nu. 25,000, a one-time application and licence fee of Nu. 25,000 for mobile network operators applying to establish an e-money issuer, audit submission within one month of financial or calendar year-end, and a 12-month inactivity threshold for dormant accounts. The rules state they will come into effect from 1 July 2026 and will supersede inconsistent existing e-money rules, circulars, guidelines and notifications.

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