Gelephu Mindfulness City (GMC), Bhutan’s Special Administrative Region for economic development, has unveiled an accelerated licensing pathway for financial and digital asset firms already regulated in major hubs like Singapore, Abu Dhabi Global Market (ADGM), and Hong Kong. The initiative tackles a persistent industry bottleneck: the lag between regulatory approval and becoming operational due to separate licensing and banking processes. GMC integrates incorporation, regulatory approval, bank account setup, and operational readiness into a single coordinated framework.
Key features include immediate access to a corporate bank account through DK Bank upon licensing, multi-currency support across nine currencies (USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, BTN), and digital asset services such as BTC-backed lending and asset swaps. Fees are waived for at least six months. The jurisdiction also offers a competitive tax and legal package: potential 0% corporate tax, no capital gains, dividend, or inheritance tax, territorial taxation, foreign talent exemptions through 2030, and Variable Capital Company structures based on Singapore models.
Industry leaders praised the approach. Jigdrel Singay, GMC’s Digital Assets & Fintech Lead, emphasized alignment of “regulation, infrastructure, and execution from the outset.” Yu Dong Zheng, CEO of DK Bank, said the goal is to be “the most Web3- and fintech-friendly bank in the world.” Ian Loh, CEO of custody firm Ceffu, noted the rigorous yet collaborative licensing process, while John Ge, CEO of BIT, highlighted reduced execution risk for firms entering new markets.
The announcement positions GMC as a credible alternative for digital asset companies seeking operational certainty rather than just a license. Long-term success depends on consistent regulation, banking reliability, and legal enforceability, but the integrated model signals a deliberate push to attract global crypto and fintech players.
