Iris Coleman
December 18, 2024 05:34
Matrixport is strengthening its presence in South Asia by applying for a Financial Services Permit license to provide virtual asset services in Gelephu Mindfulness City, Bhutan.
Matrixport, a prominent player in the cryptocurrency financial services space, has announced its intention to apply for a financial services permit license from Bhutan’s Gelephu Mindfulness City Authority (GMCA). The move aims to enable Matrixport to conduct regulatory activities related to virtual assets within the Gelephu Mindfulness City (GMC), an important step as it is one of the first applicants under the GMC’s new regulatory framework.
Strategic expansion into South Asia
Strategically located on a land bridge connecting South Asia’s booming economies, Gelephu Mindfulness City offers unique advantages to Matrixport. This expansion marks Matrixport’s first venture into the South Asian market, leveraging GMC’s presence to reach more than 2 billion people in the region. The Special Administrative Region is designed to promote economic and social growth while maintaining sustainability and human values.
Innovative regulatory environment
The GMC jurisdiction is renowned for its forward-looking regulatory framework that balances international standards with a risk-proportionate and progressive approach. This environment is particularly conducive to the advancement of fintech and blockchain, consistent with Matrixport’s focus on financial services and virtual assets.
Comprehensive service provision
Pending regulatory approval, Matrixport plans to offer a range of virtual asset financing services at GMC. These services include structured products, real asset offerings, prime brokerage services, and virtual asset custody solutions. Matrixport aims to contribute to local economic growth by strengthening business capabilities in GMC and surrounding markets.
leadership comments
John Ge, CEO of Matrixport, expressed enthusiasm for expansion into Bhutan, citing the region’s regulatory environment as an excellent platform for providing innovative and compliant virtual asset solutions. He emphasized the company’s commitment to work with GMC to advance the digital economy.
HB Lim, GMCA’s Executive Director (Financial Services), highlighted the GMC’s strong regulatory framework designed to support blockchain and technology-focused companies. He welcomed the participation of companies such as Matrixport in establishing GMC as a global hub for financial services and digital assets.
Introduction to Matrix Port
Founded in 2019, Matrixport is a leading global hub for cryptocurrency financial services, offering personalized super accounts for trading, investing, lending, and more. With $6 billion in assets under management, Matrixport offers a variety of 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 that integrates traditional values with modern design and technology. This special administrative region aims to set an example for holistic development by utilizing Bhutan’s green power resources.
For more information, visit the Matrixport blog.
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