Bhutan’s Gelephu Speeds Licensing, Banking Access for Crypto Firms

Gelephu Mindfulness City (GMC) in Bhutan is accelerating its licensing and banking processes to attract cryptocurrency and fintech companies. The initiative allows qualified firms, already regulated in hubs like Singapore and Hong Kong, to incorporate, gain authorization, and open corporate bank accounts through a streamlined process with DK Bank, GMC's banking partner. This move aims to position Bhutan as a new financial center in South Asia amidst increasing global regulatory scrutiny. While DK Bank will conduct KYC and AML checks, the process leverages existing approvals to simplify due diligence. Jigdrel Singay, a GMC board member, clarified that this is not a loophole for offshore licenses, and firms must comply with GMC's own regulations. GMC is also offering tax incentives, including a 0% corporate tax for priority sectors, territorial tax systems, and exemptions on capital gains, dividends, and inheritance. Foreign employees may also qualify for income tax breaks. The project is partly backed by Bhutan's commitment of up to 10,000 BTC from sovereign reserves, though recent reports of Bitcoin sales linked to GMC have been denied by officials, who maintain the BTC remains a strategic reserve.

(Source：Cointelegraph)