Bhutan’s Gelephu Mindfulness City (GMC), designated as the nation’s Special Administrative Region for economic advancement, has unveiled an accelerated licensing program aimed at attracting prominent global financial and digital asset firms. Launched on May 12, this initiative specifically targets companies already regulated in leading international financial hubs such as Singapore, the Abu Dhabi Global Market (ADGM), and Hong Kong, promising a significantly streamlined transition from application to full operational status.

The core innovation of GMC’s new framework lies in its integrated approach, which merges the entire setup process—from corporate incorporation and regulatory approval to opening a corporate bank account and commencing operations—into a single, coordinated pathway. This design aims to eliminate the typical delays associated with market entry, enabling qualified firms to become operational much faster. Jigdrel Singay, a Board Member and the Digital Assets & Fintech Lead at Gelephu Mindfulness City, emphasized this efficiency, stating, “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.”

A crucial component of this fast-track system is the guaranteed access to corporate banking services provided by DK Bank. This integration addresses a common bottleneck for new market entrants, ensuring that companies licensed within GMC receive a corporate bank account from day one. DK Bank offers multi-currency accounts supporting nine major global currencies, alongside specialized digital asset financial services including BTC-backed lending, asset swap capabilities, and integrated on- and off-ramps for digital assets. Furthermore, GMC firms will benefit from preferential banking terms, including fully waived banking fees for the initial six months, followed by discounted pricing. Yu Dong Zheng, CEO of DK Bank, highlighted the bank’s mission, noting, “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.”

Beyond the expedited licensing and banking, Gelephu Mindfulness City offers a comprehensive tax and regulatory environment designed to foster real business activity and long-term investment. This includes targeted incentives such as a potential 0% corporate tax rate based on investment levels, a territorial tax system mirroring those in Singapore and Hong Kong, and the absence of capital gains, dividend, or inheritance taxes. Foreign talent tax exemptions are also extended through 2030, complemented by expanding double taxation agreements. The city’s institutional infrastructure further strengthens its appeal, featuring Variable Capital Company (VCC) structures, an International Dispute Resolution Centre (IDRC), and common law frameworks inspired by Singapore and ADGM regulatory principles, alongside streamlined processes for company and family office setups.