Gelephu Mindfulness City (GMC), Bhutan’s Special Administrative Region for economic development, has introduced an accelerated licensing framework for companies already regulated in major financial centres such as Singapore, ADGM and Hong Kong.
GMC said the new framework is designed to significantly reduce the time required for firms to become operational by integrating regulatory approval and banking access into a single process.
Unlike most jurisdictions, where licensing and banking are handled separately and can take months to complete, companies approved in GMC receive access to a corporate bank account through DK Bank as part of the licensing procedure.
The process allows companies to incorporate, obtain regulatory approval, open a bank account, and begin operations through one coordinated system.
Existing regulated firms eligible for accelerated review
The fast-track pathway is available to firms already licensed in established financial hubs including Singapore, Abu Dhabi Global Market, and Hong Kong.
According to GMC, the model is intended to reduce regulatory duplication while maintaining oversight standards for companies seeking international expansion.
The initiative targets globally active financial and digital asset businesses looking for quicker market entry and operational certainty.
Companies licensed within GMC will receive access to banking services designed for digital asset firms and international financial operations.
DK Bank’s offering includes multi-currency accounts supporting USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, and BTN, alongside digital asset services such as Bitcoin-backed lending, crypto asset swaps, and integrated fiat on- and off-ramps.
The bank will also provide waived banking fees for at least the first six months for GMC-based companies, followed by discounted pricing structures.
GMC is positioning itself as a regional hub for financial innovation through a combination of regulatory infrastructure and tax incentives.
The framework includes:
- Potential 0% corporate tax rates for qualifying sectors
- No capital gains, dividend, or inheritance taxes
- Territorial taxation aligned with models used in Singapore and Hong Kong
- Foreign talent tax exemptions through 2030
- Expanding double taxation agreements, including with Singapore
The region also offers Variable Capital Company (VCC) structures inspired by Singapore, an International Dispute Resolution Centre (IDRC), and common law principles influenced by both Singapore and ADGM frameworks.
According to Jigdrel Singay, Board Member and Digital Assets & Fintech Lead, Gelephu Mindfulness City, the initiative is designed to remove operational friction for companies already operating under established regulatory standards.
"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. "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 its long-term objective is to create a trusted environment for digital assets, fintech, and international investment by aligning regulation, infrastructure, and execution from the start.
Dan Burgin
U.Today Editorial Team
