Bhutan’s GMC offers quick licenses, bank accounts to lure crypto firms

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GMC's Bitcoin Pledge. Source: GMC Foreign employees can qualify for income tax breaks through 2030, and Singay said the aim is to encourage “real” operations and job creation rather than structures set up primarily to shift profits for tax purposes. The project is underwritten, at least in part, by Bitcoin (BTC). Bhutan announced a “Bitcoin Development Pledge” in late 2025, committing up to 10,000 BTC from sovereign reserves to support GMC’s long-term build-out, with officials emphasizing at the time that the assets would be held as a strategic reserve rather than sold. This year, however, blockchain analytics firms pointed to a series of large BTC outflows linked to Bhutan, suggesting hundreds of millions of dollars’ worth of potential sales, including a further 100 BTC (roughly $8.1 million) flagged by Arkham Tuesday, though those analyses are based on address-tagging and transaction heuristics that are not definitive. Singay said reports of Bitcoin sales related to GMC were “incorrect” and said BTC remains pledged as part of the city’s strategic reserves. Market Moves: Why is Ethereum Foundation selling? BTC futures warning signs More on the subject

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