On May 12, 2026, the Gelephu Mindfulness City (GMC) in Bhutan launched an accelerated fintech licensing program designed to provide a direct route to full operational status for companies already regulated in Singapore, the Abu Dhabi Global Market (ADGM), or Hong Kong. The initiative, confirmed in an announcement shared with Bitcoin.com News, integrates company incorporation, regulatory review, and bank account opening into a single coordinated process, bypassing the sequential delays that often plague new market entries.
Accelerated Licensing: From Approval to Operation
The streamlined pathway targets established fintech and digital asset firms seeking to expand into Asia. Under the program, qualifying companies submit proof of their existing regulatory approval in a top-tier jurisdiction, and the GMC regulator processes the license application with a guaranteed corporate bank account from DK Bank, the state-linked financial institution serving as GMC’s official banking partner. “In most financial centers, getting a license is only half the journey,” said Yu Dong Zheng, CEO of DK Bank. “Securing a bank account is where businesses get stuck. We’ve eliminated that bottleneck.”
DK Bank: Multi-Currency Accounts and Bitcoin-Backed Loans
DK Bank offers multi-currency corporate accounts in nine currencies: USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, and BTN (Bhutanese ngultrum). The bank also provides bitcoin-backed loans, digital asset exchange capabilities, and integrated fiat-to-crypto on-ramps and off-ramps from day one. All GMC-licensed companies enjoy zero banking fees for the first six months, with reduced fees thereafter. This unique service addresses a critical pain point for crypto and fintech firms that often face discrimination from traditional banks.
Tax Incentives and Legal Framework
GMC operates under a territorial tax system aligned with Singapore and Hong Kong. Eligible companies can access a 0% corporate income tax rate based on their investment level, with no capital gains tax, dividend tax, or inheritance tax. Tax exemptions for foreign talent extend through 2030. The legal infrastructure is built on common law frameworks inspired by Singapore, with regulatory principles based on ADGM. GMC also features Variable Capital Company (VCC) structures (modeled after Singapore) and an International Dispute Resolution Center for cross-border investment litigation. A double taxation agreement with Singapore is already in place.
Industry Endorsements and Bhutan’s Bitcoin Holdings
Several firms have already navigated the GMC licensing process. Ian Loh, CEO of digital asset custody provider Ceffu, said: “What stands out in Bhutan is the clarity of the vision. The process has been rigorous but equally collaborative, showing 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 demonstrated a clear openness to collaborate constructively while maintaining high standards.” Jigdrel Singay, board member and head of digital assets and fintech at GMC, framed 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. Businesses don’t just get approval. They go live.”
Notably, Bhutan is one of the few sovereign states known to hold bitcoin reserves. On-chain data from Arkham Intelligence shows the country possesses approximately 3,119.45 BTC, and on the day of the announcement, the government moved 100 BTC to a new address. This bitcoin-friendly positioning, combined with GMC’s zero-tax and guaranteed banking, positions the special administrative region as a direct competitor to established hubs like Singapore, Dubai, and Hong Kong for digital asset and fintech companies. Observers note that the integrated model reduces execution risk for firms entering a new market, offering regulatory clarity alongside operational banking infrastructure.