Bhutan's Gelephu Mindfulness City (GMC) dropped a bombshell on May 12, 2026, unveiling an accelerated licensing track for fintech and digital asset firms already regulated in Singapore, Abu Dhabi Global Market (ADGM), or Hong Kong. Qualified companies can now push through incorporation, regulatory review, and bank account opening as a single coordinated process, slashing what used to take months into a streamlined sequence.
DK Bank Backstops Every GMC License with Guaranteed Accounts
As GMC's official banking partner, state-linked DK Bank promises that every company earning a GMC license automatically gets a corporate bank account as part of the process. This directly tackles what regulators and founders commonly call the most stubborn friction point: getting licensed is only half the battle; waiting months for a bank to onboard you is the real squeeze. DK Bank offers multi-currency accounts in nine currencies—USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, and BTN. More critically, the bank supports BTC-backed lending, digital asset swaps, and integrated on- and off-ramps between fiat and crypto. Banking fees are waived for at least the first six months, with discounted pricing thereafter.
“In most financial centers, getting licensed is only half the battle,” said Yu Dong Zheng, CEO of DK Bank. “Getting a bank account is where companies get stuck. We've removed that bottleneck.”
Zero Corporate Tax and Talent Exemptions: GMC's Fiscal Arsenal
GMC operates a territorial tax system aligned with Singapore and Hong Kong. Qualifying firms can access a 0% corporate tax rate depending on investment levels. There is no capital gains, dividend, or inheritance tax. Foreign talent tax exemptions run through 2030. On the legal front, GMC uses common law drawn from Singapore, with regulatory principles modeled on ADGM. Variable Capital Company structures based on Singapore's VCC model are available, along with an International Dispute Resolution Centre for cross-border disputes. A double taxation treaty with Singapore is already in place.
Industry Feedback: Clear Process, Pragmatic Regulators
Ceffu CEO Ian Loh said the approach stood out for its clarity: “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), echoed that: “The accelerated review process is both fast and pragmatic, with the GFSO demonstrating openness to engage constructively while upholding high standards.”
Jigdrel Singay, board member and digital assets lead at GMC, framed the initiative as a structural fix: “If a company has already demonstrated credibility in leading jurisdictions, we recognize that and enable them to move faster. Companies don't just get approved. They get operational.”
Bhutan is also a well-known Bitcoin-holding nation. On the same morning as the announcement, onchain analysts spotted the country sending 100 BTC to a new address. According to Arkham Intelligence, Bhutan currently holds approximately 3,119.45 BTC.