Matrixport Pursues Financial Service Permission Licence to Offer Comprehensive Virtual Asset Services in Bhutan's Gelephu Mindfulness City Special Administrative Region
GELEPHU MINDFULNESS CITY, Bhutan, Dec. 18, 2024 /PRNewswire/ -- Matrixport, a leading all-in-one crypto financial services platform, today announced its intention to apply to the Gelephu Mindfulness City Authority (GMCA) for a Financial Services Permission Licence to carry out regulated activities in relation to Virtual Assets in Gelephu Mindfulness City (GMC), Bhutan's new Special Administration Region. In doing so, Matrixport will be amongst the first licence applicants under GMC's new financial services and virtual asset regulatory framework. Matrixport plans to offer a comprehensive suite of virtual asset offerings in GMC, which has seen significant interest from firms in the virtual asset and traditional finance sectors since GMC's launch was first announced in December 2023.
Located on the land bridge connecting the rapidly-growing economies of South Asia, GMC is uniquely positioned to serve more than 2 billion people in the region and offers companies, investors, and individuals the opportunity to pursue economic and social growth without compromising sustainability or the human spirit. GMC's strategic location provides Matrixport with extensive market opportunities. Matrixport's presence in GMC will be the firm's first expansion into South Asia and will serve as Matrixport's regional base for the region.
With a focus on financial services and virtual assets, GMC encourages innovation and development in fintech and blockchain technologies. The jurisdiction maintains a forward-looking regulatory framework that adheres to international regulatory standards in a risk-proportionate, progressive, and technology-inclusive environment.
Subject to regulatory approval from the GMCA, Matrixport intends to offer compliant and diversified virtual asset financial services in GMC, including structured products, real-world asset (RWA) offerings, prime brokerage services, and virtual asset custody solutions. Matrixport aims to enhance its business expansion capabilities in GMC and surrounding markets and promote economic growth in GMC.
John Ge, Matrixport CEO commented "We are excited about our business expansion in Bhutan. As global interest in virtual assets continues to rise, we believe GMCs regulatory environment will provide an excellent platform for us to deliver innovative and compliant virtual asset financial solutions to the local economy and neighboring markets. We look forward to closely collaborating with GMC to advance its digital economy."
HB Lim, Managing Director (Financial Services) at GMCA, added: "GMC's robust yet risk-proportionate regulatory framework is purpose-built to support blockchain and technology-focused companies. We look forward to working with licence applicants such as Matrixport to establish GMC as a regulated, vibrant and innovative global hub for financial services and digital assets that reflects the needs of businesses, bolsters the global blockchain ecosystem in a safe manner, and drives growth for GMC."
About Matrixport
Founded in 2019, Matrixport is the world's leading all-in-one hub for crypto financial services. The platform is committed to providing every user with a personalized Super Account that integrates crypto trading, investment, loan, custody, RWA, research and more. With $6 billion in AUM (assets under management), Matrixport offers global users diverse crypto-financial solutions designed for optimal capital efficiency and sustainable returns.
As a Group and through its local subsidiaries, Matrixport has received the Trust and Company Service Provider (TCSP) / Money Lender Licenses in Hong Kong, and the FINMA Asset Management License in Switzerland. The company operates as an Appointed Representative in the UK, is registered as an MSB in the US, and is a member of Switzerland's FINMA SRO-VFQ. It was recognized by CB Insights as one of the "50 Most Promising Blockchain Companies" and featured in the Hurun "2024 Global Unicorn List." Additionally, Matrixport's subsidiary, Fly Wing, has obtained IPA for the MPI License in Singapore.
Matrixport official website: https://www.matrixport.com
About Gelephu Mindfulness City
The Gelephu Mindfulness City (GMC) project is a pioneering initiative creating an urban environment centered around mindfulness, sustainability and innovation in the southern plains of Bhutan. The City will integrate traditional Bhutanese values with cutting-edge design and technology, harnessing the Kingdom's abundant green power to serve as a global exemplar of holistic development. The GMC will operate as a Special Administrative Region (SAR) vested with independent executive, legislative and judicial powers.
SOURCE Matrixport
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