Gelephu Mindfulness City Fast-Tracks Crypto Licenses, Bank Access

Gelephu Mindfulness City (GMC) in Bhutan has introduced an accelerated licensing pathway that allows crypto and fintech firms regulated in Singapore, Hong Kong or Abu Dhabi to incorporate in GMC, obtain local authorization and open a corporate account with DK Bank through a coordinated process. GMC published the framework in a Tuesday release.

Qualified companies can complete incorporation, receive GMC authorization and apply for a DK Bank account through a synchronized sequence designed to reduce duplicated paperwork. DK Bank will carry out its standard Know Your Customer and Anti‑Money Laundering checks before finalizing accounts. GMC said approvals from the other hubs are intended to streamline due diligence steps, not to replace GMC’s own authorization or supervision.

Jigdrel Singay, a GMC board member who leads digital assets and fintech, said companies that meet GMC’s licensing standards are expected to obtain banking access under the coordinated arrangement. He added GMC will keep responsibility for setting regulatory standards and ongoing supervision of licensed firms.

The special economic framework for GMC includes tax incentives aimed at priority sectors. The plan offers targeted 0% corporate tax for qualifying investments, a territorial tax system comparable to those in Singapore and Hong Kong, and exemptions on capital gains, dividends and inheritance. Foreign employees may be eligible for income tax breaks through 2030. GMC officials said the incentives are meant to encourage firms to establish substantive operations and create local jobs.

Bhutan announced a “Bitcoin Development Pledge” in late 2025 that committed up to 10,000 BTC from sovereign holdings to support GMC’s long-term buildout. Government officials said the assets would be held as strategic reserves rather than sold. This year, blockchain analytics firms identified large BTC outflows linked to addresses associated with Bhutan and flagged a transaction of about 100 BTC. GMC officials rejected the reports as incorrect and reaffirmed that the pledged Bitcoin remains part of the city’s strategic reserves.

GMC’s framework requires companies to hold GMC authorization even if they already hold approvals in other financial centers. The coordinated process is intended to lower administrative burdens for firms already vetted by major Asian hubs while keeping licensing and supervisory authority with GMC. Local regulators and DK Bank will retain KYC and AML responsibilities and will continue oversight after licenses are issued.

Officials describe the package as a combination of faster onboarding, banking access and fiscal incentives to attract operational investment to Gelephu. The city’s rules and the Bitcoin pledge have drawn market attention and prompted public clarifications from project leaders.