On May 12, 2026, the Gelephu Mindfulness City (GMC), a Special Administrative Region established under a Royal Charter in Bhutan, launched an accelerated licensing pathway designed to attract world-class fintech and digital asset companies. The program targets firms that are already regulated in Singapore, the Abu Dhabi Global Market (ADGM), or Hong Kong, offering them a direct route to full operational status—including a guaranteed corporate bank account.
Zero Corporate Tax and DK Bank Integration
Under the new framework, eligible companies can benefit from a 0% corporate tax rate based on their investment level, along with no capital gains tax, no dividend tax, and no inheritance tax. Tax exemptions for foreign talent are extended through 2030. Additionally, the state-linked DK Bank, the official banking partner of GMC, provides every licensed firm with a corporate account as part of the approval process. The bank supports multi-currency accounts in nine currencies (USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, BTN) and offers BTC-backed loans, digital asset exchange capabilities, and integrated fiat-to-crypto on/off ramps. Bank fees are waived for the first six months, with reduced rates thereafter.
Solving the 'License but No Bank' Bottleneck
DK Bank CEO Yu Dong Zheng stated: “In most financial centers, getting the license is only half the battle. Securing a bank account is where businesses get stuck. We have eliminated that bottleneck.” The integrated model combines company incorporation, regulatory review, and bank account opening into a single coordinated process, rather than sequential steps that can drag on for months. This directly addresses a common pain point for crypto and fintech firms that secure regulatory approval in hubs like Dubai or Hong Kong but then face lengthy delays in finding a banking partner.
Legal Framework and Industry Endorsement
GMC employs a common law framework inspired by Singapore, with regulatory principles based on ADGM. It offers Variable Capital Company (VCC) structures modeled on Singapore and has an International Dispute Resolution Centre for cross-border investment disputes. A double taxation agreement with Singapore is already in place. Ian Loh, CEO of Ceffu, which went through the GMC licensing process, said: “What stands out in Bhutan is the clarity of vision. The process has been rigorous but equally collaborative, demonstrating that regulators and industry can work hand in hand.” John Ge, co-founder and CEO of BIT (formerly Matrixport), added: “The accelerated review process is fast and pragmatic, and the GFSO has shown a clear openness to engage constructively while maintaining high standards.”
Bhutan's Bitcoin Holdings and Strategic Positioning
Bhutan is itself a known holder of bitcoin. According to Arkham Intelligence, the country holds approximately 3,119.45 BTC. On the same day of the announcement, blockchain analysts observed Bhutan transferring 100 BTC to a new address. Jigdrel Singay, board member and head of digital assets and fintech at GMC, defined the initiative as a structural solution to a systemic problem: “If a company has already demonstrated credibility in leading jurisdictions, we recognize that and allow it to move faster. Companies don’t just get approval. They become operational.” The fast-track licensing from GMC positions it as a direct competitor to established financial centers in Singapore, Dubai, and Hong Kong, at a time when digital asset and fintech firms are actively seeking jurisdictions that combine regulatory clarity with operational banking infrastructure.