Agency: During the meet-the-press The Bhutanese asked the Home Ministry (MoHA), Ministry of Finance (MoF), and Ministry of Industry Commerce and Employment (MoICE) on how they plan to tackle increasingly complex scams spreading much faster, especially through social media, with the latest being crypto-based scams.
The paper asked that while various regulatory and law and order bodies act when complaints are made, many victims feel there is a more proactive approach needed by various regulatory bodies cutting across agencies as these scams openly advertise on social media or spread their business online under the garb of legality and non-prosecution from regulators. Some are caught and fined but still continue showing inadequacy of the penalty and lack of adequate follow-up and monitoring.
MoF
The Finance Minister ,Lekey Dorji, acknowledged the growing complexity and digital spread of scams, particularly those exploiting social media and pseudo-legal fronts.
He said tackling this challenge demands a proactive, coordinated approach across regulatory bodies.
“We are enhancing inter-agency collaboration, especially with the Royal Monetary Authority and the Department of Law and Order, to build an integrated framework for realtime data sharing, joint enforcement, and digital surveillance to detect and disrupt scams early.”
Lyonpo said existing penalties are under review to ensure they are a deterrent and enforceable.
Where needed, legal amendments will be proposed to enable preemptive action against suspicious activities, even before formal complaints arise.
He said public awareness remains critical. They are expanding financial literacy efforts with schools, local governments, and civil society to help citizens identify and report fraudulent schemes.
“In response to crypto-based scams, we are assessing the need for a dedicated regulatory framework for digital assets, including licensing, transparency, and consumer protection measures. This issue is not just about enforcement, it is a governance priority,” said Lyonpo.
He said the Ministry is committed to safeguarding citizens, fostering responsible innovation, and maintaining public trust through continued dialogue and decisive action.
PandoraBiz
In response to a separate question on PandoraBiz the MoICE Lyonpo said it was investigated by CCAA in 2023 following allegations of operating a pyramid scheme. After a detailed inquiry, there was insufficient evidence to prove it met the legal definition of a pyramid scheme under the Consumer Protection Act 2012.
The investigation found that PandoraBiz was offering paid training on cryptocurrency mining and trading, rather than recruitment-based activities typical of pyramid schemes. However, since this involved cryptocurrency, which falls under the Royal Monetary Authority (RMA), and training, which is the mandate of the Bhutan Qualifications and Professional Certification Authority (BQPCA), the matter was referred to both agencies for appropriate action.
Recently, the CCAA received around 40 new complaints against the proprietor of PandoraBiz regarding unpaid returns from mentorship or investment programs. This is being treated as a new case, and a fresh investigation is underway. Legal action will follow once the facts are established.
Lyonpo said cryptocurrency and digital assets remain an emerging regulatory area globally, and Bhutan is no exception. “Oversight currently rests with the RMA, but we recognise the need to strengthen policy and coordination frameworks to better protect consumers from crypto-based frauds,” said Lyonpo.