Hassan Maishera
Gelephu Mindfulness City (GMC), Bhutan’s Special Administrative Region for economic development, has announced a new accelerated licensing pathway for companies already regulated in leading global financial centres, including Singapore, Abu Dhabi Global Market (ADGM), and Hong Kong.
Licensed Global Firms Eligible for New Accelerated Pathway at Gelephu Mindfulness City
In a press release shared with Cryptowisser, the team said this latest initiative enables qualified firms to move from application to full operational readiness in a significantly shorter timeframe. Hence, combining expedited regulatory review with immediate access to banking infrastructure.
In most jurisdictions, licensing and banking are separate, sequential processes - often resulting in months of delay, even after regulatory approval, with no guarantee of securing a bank account.
In GMC, they are integrated. The team revealed that companies that incorporate and receive a license in GMC are provided with a corporate bank account through DK Bank as part of the process, enabling them to begin operations without delay.
This initiative allows firms to incorporate, receive regulatory approval, open a bank account, and begin operations as a single, coordinated process
Companies holding licenses from established financial centres such as Singapore, ADGM, and Hong Kong will be eligible for accelerated review, reflecting their existing regulatory standing.
The Initiative Will Reduce Duplication
The team noted that this approach is designed to reduce duplication, maintain high standards, and enable credible firms to expand internationally with greater speed and certainty.
Companies establishing a license in GMC are guaranteed a corporate account with DK Bank, removing one of the most common barriers to becoming operational.
Furthermore, DK Bank is designed to support globally active financial and digital asset companies from day one, offering:
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Multi-currency accounts across nine major currencies - USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, and BTN - enabling seamless international operations
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Digital asset financial services, including BTC-backed lending and asset swap capabilities, enabling efficient liquidity management for digital asset businesses
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Integrated on- and off-ramps for digital assets, supporting compliant movement between fiat and crypto
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Preferential fee structure for GMC companies, including fully waived banking fees for at least the first six months and discounted pricing thereafter
In addition to these, GMC offers a comprehensive tax and regulatory framework designed to support real business activity, capital formation, and long-term investment.
Key features of the iniative include:
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Targeted incentives for priority sectors, including 0% corporate tax, dependent on the level of company investment.
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Territorial tax system, aligned with leading financial centres such as Singapore and Hong Kong
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No capital gains tax, dividend tax, or inheritance tax, enabling efficient capital deployment and intergenerational wealth structuring
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Foreign talent tax exemptions through 2030, supporting rapid team build-out
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Double taxation agreements in place and expanding, including with Singapore
Beyond tax, GMC provides institutional infrastructure designed for international business:
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Variable Capital Company (VCC) structures, based on Singapore models, with enhanced flexibility
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International Dispute Resolution Centre (IDRC) to support cross-border investment and legal certainty
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Common law frameworks inspired by Singapore, with ADGM regulatory principles
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Streamlined company and family office setup processes
While commenting on this initiative, Jigdrel Singay, Board Member and Digital Assets & Fintech Lead, Gelephu Mindfulness City, said
“GMC is designed to remove friction from the system. If a company has already demonstrated credibility in leading jurisdictions, we recognize that and enable them to move faster. This accelerated pathway, combined with immediate access to banking, fundamentally changes the setup experience. Companies don’t just get approved - they get operational. Our goal is to create a trusted platform for digital assets and financial innovation, where regulation, infrastructure, and execution are aligned from the outset.”
Yu Dong Zheng, CEO of DK Bank, added that they have removed the operational bottleneck for most companies
“At DK Bank, companies setting up in GMC can operate from day one, with banking built into the process. Our ambition is simple: to be the most Web3- and fintech-friendly bank in the world,” Zheng added.
Ian Loh, CEO, Ceffu, also stated that,
“The licensing process in GMC reflects a forward-thinking approach to digital assets, one that balances innovation with responsibility. As a custodian, we value jurisdictions that regulate and genuinely understand the infrastructure and risks behind this industry.
What stands out in Bhutan is the clarity of vision: a commitment to building a trusted, transparent, and globally competitive financial ecosystem. The process has been rigorous, but equally collaborative, demonstrating that regulators and industry can work hand in hand to set a high bar for security, compliance, and long-term sustainability. Their support throughout the whole process has been consistent and thoughtful.
We see this not just as a license, but as a partnership in shaping the future of digital finance.”
Finally, John Ge, Co-Founder & CEO, BIT (formerly Matrixport), noted that what makes GMC unique is the intentional design of the ecosystem and the alignment of regulation, banking, and operational readiness from day one.
“The accelerated review process is both fast and pragmatic, with the GFSO demonstrating a clear openness to engage constructively while upholding high standards. This materially reduces execution risk for firms entering a new market. At the same time, GMC offers a rare opportunity to be an early institutional player in South Asia, positioning credible firms for long-term growth in a rapidly evolving financial landscape,” John Ge concluded.
