On Tuesday, Gelephu Mindfulness City (GMC), Bhutan’s Special Administration Region focused on economic development, introduced a new licensing pathway to speed up approval for globally regulated firms, including digital asset companies.
According to a press release, the city said this initiative will help qualified firms move quickly from applying to becoming fully operational by offering a review process that combines regulatory and banking access.
Companies can qualify for the faster licensing process if they already have licenses from major financial centres like Singapore, Abu Dhabi Global Market (ADGM), or Hong Kong.
GMC said that companies that set up and get licensed in the city will receive a corporate bank account from DK Bank.
GMC also said the city has a broad tax framework to support real business activity, capital growth and long-term investment.
This includes 0% corporate tax for some companies in key sectors, depending on their investment level, and a tax system that only taxes income earned in the country. There is also no capital gains, dividend, or inheritance tax, and foreign tax exemptions last until 2030.
This news follows the Royal Government of Bhutan transferring about 100.44 BTC ($8.2 million) to an unknown address earlier on Tuesday, continuing an outflow that has reached over $230 million this year, according to Arkham.
Bhutan has mined bitcoin to increase its reserves, using its hydroelectric power for eco-friendly mining. However, there is speculation that the government may have stopped mining, since its last bitcoin inflow over $100,000 was more than a year ago, according to Arkham.
Source: X.com
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