Gelephu Mindfulness City (GMC), Bhutan’s new Special Administrative Region for economic development, rolled out a fast-track licensing route on 12 May aimed at established financial and digital-asset firms. The move targets companies already regulated in top global hubs — notably Singapore, Abu Dhabi Global Market (ADGM), and Hong Kong — and promises to collapse the usual multi-month market-entry slog into a single coordinated process that delivers full operational readiness.
What’s new
- Eligible firms can now incorporate, secure regulatory approval, open a corporate bank account and begin operations through one integrated pathway, cutting duplication and accelerating time-to-market.
- GMC’s policy recognizes existing licenses from leading centres as a basis for expedited review, while keeping regulatory standards intact.
- The city pairs the fast-track licensing with guaranteed banking through DK Bank, removing a common operational bottleneck.
Banking built into the license
GMC says the integration of banking and licensing is a core differentiator versus most jurisdictions where banking and licensing are separate, sequential steps. Under the framework, companies approved in GMC are guaranteed a corporate account at DK Bank, which offers:
- Multi-currency business accounts in nine currencies: USD, GBP, EUR, AUD, JPY, SGD, INR, HKD and BTN.
- Digital-asset services including BTC-backed lending, asset swaps, and integrated on/off-ramps.
- Preferential terms: fully waived banking fees for at least six months and discounted pricing thereafter.
“We’ve removed that bottleneck,” said Yu Dong Zheng, CEO of DK Bank. “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.”
Regulatory design and incentives
GMC frames the accelerated pathway within a broader business-friendly regime aimed at real economic activity and long-term capital formation:
- Targeted tax incentives include potential 0% corporate tax depending on investment, a territorial tax system aligned with Singapore and Hong Kong, and no capital gains, dividend or inheritance tax.
- Foreign talent tax exemptions remain through 2030; double-taxation agreements are already in place and expanding (including with Singapore).
- Institutional and legal infrastructure includes Variable Capital Company (VCC) structures modeled on Singapore, an International Dispute Resolution Centre (IDRC), common-law frameworks inspired by Singapore and ADGM-style regulatory principles, plus streamlined company and family office setups.
GMC’s pitch to crypto and fintech firms
“This accelerated pathway, combined with immediate access to banking, fundamentally changes the setup experience. Companies don’t just get approved — they get operational,” said Jigdrel Singay, Board Member and Digital Assets & Fintech Lead at GMC. “Our goal is to create a trusted platform for digital assets and financial innovation, where regulation, infrastructure and execution are aligned from the outset.”
Industry reactions
The approach has drawn support from custodians and crypto firms. Ian Loh, CEO of custodian Ceffu, said GMC’s licensing reflects “a forward-thinking approach to digital assets, one that balances innovation with responsibility,” calling the framework a partnership in shaping digital finance. John Ge, Co-Founder & CEO of BIT, highlighted the reduced execution risk from aligning regulation, banking and operational readiness, praising the fast but pragmatic review process and constructive engagement from the GFSO.
Why it matters to crypto firms
For digital-asset companies, the package addresses two persistent frictions: lengthy regulatory onboarding and the difficulty of securing banking relationships. By recognizing pre-existing licenses from respected hubs and guaranteeing banking from day one, GMC aims to lower the time and operational risk of international expansion — a particularly attractive proposition for fintechs and Web3 businesses seeking a regulated base with ready infrastructure.
Bottom line
Gelephu Mindfulness City is positioning itself as a rapid-entry jurisdiction for vetted global firms, combining expedited regulatory review, immediate banking access via DK Bank, tax incentives and institutional frameworks modeled on leading centres. For established crypto and fintech players eyeing new markets, GMC’s integrated setup could significantly reduce the cost and time of going live.
Read more AI-generated news on: undefined/news
