Gelephu Mindfulness City (GMC) has introduced a simplified licensing pathway for already regulated companies in major financial centres, including Singapore, Abu Dhabi Global Market (ADGM) and Hong Kong. This initiative is designed to reduce time to operation by aligning regulatory approval with immediate access to banking infrastructure.
The framework allows eligible companies to move from implementation to full operational readiness through one coordinated process. In contrast to most jurisdictions, where licensing and banking are dealt with separately, the GMC integrates both steps. Companies that obtain a license at the same time are provided with a corporate bank account through DK Bank, enabling them to begin operations without delay.
Jigdreel Singjay, Board Member and Head of Digital Assets and FinTech at Gelephu Mindful City, said:
“GMC is designed to remove friction from the system. If a company has already proven its credibility in leading jurisdictions, we recognize that – and enable it to move faster.”
This structure enables companies to complete the incorporation, regulatory approval, account setup and operational process in one continuous process. Firms already licensed in recognized financial centers are eligible for fast-track review, reflecting their current regulatory status and reducing duplication.
“This accelerated trajectory, coupled with instant access to banking services, fundamentally changes the onboarding experience. Businesses don’t just get approved, they get up and running,” Singay added.
“Our goal is to create a trusted platform for digital assets and financial innovation, where regulation, infrastructure and implementation are aligned from the beginning.”
A key element of the model is ensuring access to banking services. Companies operating in the GMC receive corporate banking services as part of the licensing process, addressing a common barrier faced in other markets where securing a bank account can delay operations.
Yu Dongzheng, CEO of DK Bank, said:
“In most financial centres, getting a license is only half the battle – getting a bank account is where companies falter.”
DK Bank supports multi-currency accounts across major global currencies, including USD, EUR, GBP and JPY, along with digital asset services such as Bitcoin-backed lending and asset swaps. The platform also includes integrated methods for converting fiat currencies to cryptocurrencies on- and off-premises, with preferential fee structures for companies operating within the GMC.
“We have removed this bottleneck. At DK Bank, companies established at GMC can operate from day one, with banking integrated into the process,” Cheng said.
“Our ambition is simple: to become the most Web3 and fintech friendly bank in the world.”
In parallel, GMC has established a broader regulatory and tax framework aimed at supporting business activity and capital formation over the long term. This includes a regional tax system, no capital gains or dividend taxes, and sector-specific incentives such as a potential 0% corporate tax depending on investment levels. Additional measures include tax breaks for foreign talent until 2030 and an expanded network of double taxation agreements.
The jurisdiction also provides institutional infrastructure compatible with international standards. These structures include a variable capital company based on Singapore models, an international dispute resolution center to support cross-border investment, and a common law framework influenced by the Singapore Principles and the Abu Dhabi Global Market. Company incorporation and family office setup processes have also been simplified to reduce administrative complexity.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice
