Gelephu Mindfulness City (GMC), Bhutan’s Special Administrative Region for economic development, unveiled an accelerated licensing pathway on 12 May that aims to make it dramatically faster for regulated global finance and crypto firms to become operational.
Fast-track licensing + banking in one coordinated process
GMC’s new framework lets companies that already hold licences in major financial centres — such as Singapore, Abu Dhabi Global Market (ADGM), and Hong Kong — move from application to full operations in a single, coordinated workflow. Instead of the usual sequential slog of company formation, regulatory approval and then separate bank onboarding, the city combines expedited regulatory review with immediate banking access so firms can incorporate, get approved, open a corporate account and begin doing business much more quickly.
“If a company has already demonstrated credibility in leading jurisdictions, we recognize that — and enable them to move faster,” said Jigdrel Singay, GMC Board Member and Digital Assets & Fintech Lead. “This accelerated pathway, combined with immediate access to banking, fundamentally changes the setup experience. Companies don’t just get approved — they get operational.”
Banking guaranteed through DK Bank, with crypto-friendly services
A core differentiator is guaranteed corporate banking access: firms obtaining a GMC licence are assured a corporate account with DK Bank, removing one of the most common post-licence bottlenecks. DK Bank supports multi-currency accounts across nine currencies (USD, GBP, EUR, AUD, JPY, SGD, INR, HKD and BTN) and offers digital-asset financial services including BTC-backed lending, asset swap capabilities, and integrated on‑ and off‑ramps for crypto.
Yu Dong Zheng, CEO of DK Bank, said the bank has designed onboarding so companies can “operate from day one,” and added that basic banking fees are fully waived for at least the first six months, with discounted pricing thereafter.
Tax and institutional incentives to encourage long-term activity
The accelerated pathway sits inside a broader tax and regulatory package intended to attract real business and capital formation. Key elements highlighted by GMC include:
- Targeted incentives for priority sectors, with a potential 0% corporate tax depending on company investment levels.
- A territorial tax system aligned with models in Singapore and Hong Kong.
- No capital gains, dividend or inheritance tax.
- Foreign talent tax exemptions through 2030.
- Double taxation agreements already in place and expanding, including with Singapore.
GMC is also building institutional infrastructure for fund and corporate activity: Variable Capital Company (VCC) structures modeled on Singapore, an International Dispute Resolution Centre (IDRC), common law frameworks inspired by Singapore with ADGM-style regulatory principles, and streamlined processes for company and family office setups.
Industry response: speed + reduced execution risk
Industry participants have welcomed the move. Ian Loh, CEO of custodian Ceffu, praised GMC’s approach as balancing “innovation with responsibility” and said custodians value jurisdictions that understand the infrastructure and risks of the digital-asset sector. John Ge, Co-Founder & CEO of BIT, highlighted the benefits of aligning regulation, banking and operational readiness from day one, saying the accelerated review “materially reduces execution risk for firms entering a new market.”
What this means for crypto firms
By recognizing licences from top global hubs and bundling regulatory approval with guaranteed banking, GMC aims to remove two of the biggest frictions for crypto and fintech firms expanding internationally. For eligible, already-regulated firms, the platform promises speed, predictable access to banking and a package of tax and institutional supports designed to encourage longer-term investment and operations.
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