Iris Coleman
Dec 18, 2024 05:34
Matrixport is applying for a Financial Services Permission Licence to offer virtual asset services in Bhutan’s Gelephu Mindfulness City, enhancing its presence in South Asia.
Matrixport, a prominent player in the crypto financial services sector, has announced its intentions to apply for a Financial Services Permission Licence from the Gelephu Mindfulness City Authority (GMCA) in Bhutan. This move aims to enable Matrixport to conduct regulated activities related to virtual assets within Gelephu Mindfulness City (GMC), marking a significant step as one of the first applicants under GMC’s new regulatory framework.
Strategic Expansion into South Asia
Gelephu Mindfulness City, strategically located on a land bridge connecting South Asia’s burgeoning economies, offers unique advantages to Matrixport. This expansion represents Matrixport’s first venture into the South Asian market, leveraging GMC’s location to reach over two billion people in the region. The special administrative region is designed to foster economic and social growth while maintaining sustainability and human values.
Innovative Regulatory Environment
The GMC jurisdiction is noted for its forward-looking regulatory framework, which balances international standards with a risk-proportionate, progressive approach. This environment is particularly conducive to fintech and blockchain advancements, aligning with Matrixport’s focus on financial services and virtual assets.
Comprehensive Service Offerings
Pending regulatory approval, Matrixport plans to offer a diverse range of virtual asset financial services in GMC. These services include structured products, real-world asset offerings, prime brokerage services, and virtual asset custody solutions. Matrixport aims to bolster its business capabilities in GMC and surrounding markets, contributing to the economic growth of the region.
Leadership Comments
John Ge, CEO of Matrixport, expressed enthusiasm about the expansion into Bhutan, citing the region’s regulatory environment as an excellent platform for delivering innovative and compliant virtual asset solutions. He emphasized the company’s commitment to collaborating with GMC to advance the digital economy.
HB Lim, Managing Director (Financial Services) at GMCA, highlighted GMC’s robust regulatory framework designed to support blockchain and technology-focused enterprises. He welcomed the involvement of companies like Matrixport in establishing GMC as a global hub for financial services and digital assets.
About Matrixport
Founded in 2019, Matrixport is a leading global hub for crypto financial services, offering a personalized Super Account for trading, investment, loans, and more. With $6 billion in assets under management, Matrixport provides diverse solutions for optimal capital efficiency and sustainable returns. The company holds various licenses across Hong Kong, Switzerland, the UK, and the US, and has been recognized by CB Insights and the Hurun Global Unicorn List.
About Gelephu Mindfulness City
The Gelephu Mindfulness City project is a pioneering initiative in Bhutan, integrating traditional values with modern design and technology. This special administrative region aims to exemplify holistic development, utilizing Bhutan’s green power resources.
For more information, visit the Matrixport Blog.
Image source: Shutterstock
