Gelephu Mindfulness City (GMC), Bhutan’s Special Administrative Region for economic development, has introduced an accelerated licensing pathway for companies already regulated in leading global financial centres, including Singapore, Abu Dhabi Global Market, and Hong Kong.
Announced on 12 May, the initiative is designed to allow qualified firms to move from application to full operational readiness in a significantly shorter timeframe by combining expedited regulatory review with immediate access to banking infrastructure.
GMC said the new framework enables firms to incorporate, receive regulatory approval, open a corporate bank account, and begin operations through a single, coordinated process, removing delays often associated with entering new markets.
Accelerated licensing pathway for established firms
Under the new framework, companies that already hold licences in established financial centres such as Singapore, ADGM, and Hong Kong will be eligible for accelerated review, reflecting their existing regulatory standing.
GMC said the approach is intended to reduce duplication, maintain high standards, and help credible firms expand internationally with greater speed and certainty.
“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,” said Jigdrel Singay, Board Member and Digital Assets & Fintech Lead, Gelephu Mindfulness City.
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.
GMC said the integrated setup differs from most jurisdictions, where licensing and banking are typically separate and sequential processes, often resulting in months of delay even after regulatory approval.
Banking access integrated through DK Bank
As part of the framework, companies establishing a licence in GMC are guaranteed a corporate bank account with DK Bank, which GMC said removes one of the most common barriers to becoming operational.
The bank said it is designed to support globally active financial and digital asset companies from day one, offering multi-currency accounts across nine major currencies — USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, and BTN — to support international operations.
DK Bank also offers digital asset financial services, including BTC-backed lending and asset swap capabilities, as well as integrated on- and off-ramps for digital assets.
GMC companies will also receive preferential banking terms, including fully waived banking fees for at least the first six months and discounted pricing thereafter.
“In most financial centres, getting licensed is only half the battle – getting a bank account is where companies get stuck,” said Yu Dong Zheng, CEO, DK Bank.
We’ve removed that bottleneck. 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.
Tax incentives and institutional framework
GMC said the accelerated pathway is supported by a broader tax and regulatory framework designed to support real business activity, capital formation, and long-term investment.
The city highlighted targeted incentives for priority sectors, including 0% corporate tax depending on company investment levels, a territorial tax system aligned with Singapore and Hong Kong, and no capital gains, dividend, or inheritance tax.
Foreign talent tax exemptions will remain in place through 2030, while double taxation agreements are already in place and expanding, including with Singapore.
Beyond tax, GMC said it offers institutional infrastructure including Variable Capital Company (VCC) structures based on Singapore models, an International Dispute Resolution Centre (IDRC), common law frameworks inspired by Singapore with ADGM regulatory principles, and streamlined company and family office setup processes.
Industry participants also endorsed the initiative.
“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,” said Ian Loh, CEO, Ceffu.
We see this not just as a license, but as a partnership in shaping the future of digital finance.
John Ge, Co-Founder & CEO of BIT, added: “What differentiates GMC 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.
