The Bhutan Special Economic Zone "Gelephu - City of Awareness" (GMC) announced a new simplified licensing regime for international fintech companies and service providers with virtual assets.

The procedure combines two steps: regulatory review and opening of a corporate account at the local DK Bank. So after approval, firms can get to work instantly. Accelerated registration is available for companies that already have licenses in Singapore, Hong Kong or Abu Dhabi.

The GMC emphasized that in most countries, licensing and access to banking services are long and unrelated processes. Bhutan decided to remove these barriers. In addition, priority sectors are subject to tax relief: a zero rate of profit, no capital gains, dividend and inheritance tax, and the territorial principle (only domestically earned income is taxed).