Virtual Asset Service Provider (VASP) Licensing in GMC: Legal Advisory

The Gelephu Mindfulness City Special Administrative Region (GMC) does not issue a separate "VASP licence". Virtual asset businesses are licensed by the Gelephu Financial Services Office (GFSO) under the same Schedule 1 Regulated Activities as traditional finance, with GFSO's Virtual Asset Guidance applied in addition. The practical job is translating what a VASP actually does into the activities the Act recognises, then applying for one licence that covers all of them. Basnet Law Pte.

Translate a VASP business description into the Regulated Activities.

Identify exclusions that may remove an activity from the perimeter, including order routing, non-GMC persons and group arrangements.

Advise on a single Financial Services Licence covering every activity the model needs.

Build the Virtual Asset Guidance overlay into policies: token acceptance, wallet controls, travel-rule style transfers and AML.

Draft the Accepted Virtual Asset assessment for each token to be supported.

Advise on Approved Person applications under the GEN Rulebook and later scope changes as products are added.

Exchanges, brokers and OTC desks moving to or expanding into GMC. Custodians, wallet providers and staking operators. Payment and remittance firms handling virtual assets. Token issuers and fund managers in the digital asset sector.