Bhutan’s GMC offers quick licenses, bank accounts to lure crypto firms
Summary
Gelephu Mindfulness City (GMC) in Bhutan is launching an accelerated licensing track to attract regulated crypto and fintech firms, coordinating authorization, incorporation, and corporate bank account opening through DK Bank. GMC pairs the streamlined licensing and banking access with tax incentives—including targeted 0% corporate tax for priority sectors and exemptions on capital gains, dividends and inheritance—to encourage long-term operations and job creation. DK Bank will perform standard KYC and AML checks, and GMC stresses firms must be authorized under its own rules; existing approvals in hubs like Singapore can speed due diligence but do not substitute for GMC authorization. The project also cites a Bitcoin reserve pledge to support GMC’s build-out, and the move reflects rising competition among emerging jurisdictions for crypto business amid tighter global oversight.