Gelephu Mindfulness City (GMC), Bhutan’s Special Administrative Region tasked with accelerating economic development, unveiled an accelerated licensing pathway for firms already regulated in major global financial hubs, including Singapore, Abu Dhabi Global Market (ADGM), and Hong Kong. The plan ties regulatory approval to direct access to banking infrastructure, compressing the timeline from incorporation to operational readiness. According to Invezz, the framework aims to streamline the onboarding of credible financial and digital-asset firms by merging licensing with banking services in a single process.
Under the program, companies that incorporate and obtain a GMC license will also be provided with a corporate bank account through DK Bank as part of the process, enabling immediate commencement of operations. The framework allows firms to complete incorporation, secure regulatory approval, open a bank account, and begin activities through one coordinated track, with GMC arguing that the approach reduces duplication while maintaining regulatory standards and accelerating international expansion for vetted firms.
In practical terms, GMC says licensed entities will receive a guaranteed corporate account with DK Bank, addressing a common operational hurdle for financial and digital-asset firms seeking cross-border activity. DK Bank is designed to support globally active players from launch, offering multi-currency accounts across nine major currencies — USD, GBP, EUR, AUD, JPY, SGD, INR, HKD, and BTN — to facilitate international operations.
The bank will also provide digital-asset financial services, including Bitcoin-backed lending and asset swap capabilities, integrated fiat-to-crypto and crypto-to-fiat rails, and preferential pricing for GMC-licensed firms. The arrangement includes waived banking fees for at least the first six months, followed by discounted rates thereafter.
What more does GMC offer?
Beyond the licensing framework, Gelephu Mindfulness City says it provides a broader tax and regulatory structure designed to support business activity, capital formation, and long-term investment. The policy package features incentives for priority sectors, including potential 0% corporate tax rates depending on the scale of company investment.
GMC operates a territorial tax system akin to those in leading financial centers such as Singapore and Hong Kong. The region states that it does not levy capital gains tax, dividend tax, or inheritance tax, while foreign-talent tax exemptions are planned through 2030 to support international hiring. Double taxation agreements are already in place, including with Singapore, with additional accords under development.
Beyond tax incentives, GMC said it is building institutional infrastructure aimed at international business. This includes Variable Capital Company (VCC) structures modeled on the Singapore framework, an International Dispute Resolution Centre (IDRC) for cross-border legal matters, and a common-law approach inspired by Singapore alongside ADGM regulatory standards, with streamlined processes for company and family-office setup.
What analysts are saying
Analysts suggest the package aligns with a broader trend toward streamlined licensing and integrated banking for fintech and asset-management firms. The combination of regulatory clearance and guaranteed banking access could lower onboarding friction for cross-border activity, potentially enhancing the appeal of GMC’s jurisdiction to international capital and talent.
Bigger picture
The initiative fits into a wider theme of jurisdictions competing to attract global investment through targeted tax incentives and simplified regulatory regimes. By echoing Singaporean and ADGM-style standards, GMC aims to position Gelephu as a regional hub for financial services and digital-asset activity, while integrating tax and legal infrastructure to support ongoing investment and economic diversification.
What to watch next: The key details to monitor include the timetable for rollout, uptake by firms regulated in major financial hubs, and updates on the status of tax incentives and double-taxation agreements as GMC advances the framework.
