Bhutan's Gelephu Mindfulness City Launches Integrated Crypto Framework

Bhutan's Gelephu Mindfulness City has launched a comprehensive framework for crypto and fintech firms, aiming to streamline market entry and reduce delays. The GMC crypto framework combines regulatory approval and corporate banking into one application, allowing companies to incorporate, apply for approval, and open bank accounts simultaneously.

The new system is designed to benefit companies that have already been licensed in established financial centers such as Singapore, Abu Dhabi Global Market, or Hong Kong. These firms will be eligible for an expedited review process, recognizing their credibility and prior regulatory clearance.

By integrating the processes of company incorporation, regulatory approval, and bank account opening, the GMC crypto framework aims to reduce the time it takes for companies to become operational in Bhutan. This is particularly significant for digital asset companies, which often face challenges in obtaining bank accounts after receiving regulatory approval.