Bitget Signs Bhutan Deal to Prepare for Gelephu Licence Bid

Bitget Limited has signed a cooperation agreement with the Gelephu Mindfulness City Authority to explore establishing a licensed digital asset presence in Bhutan. The agreement provides a framework for Bitget to establish a legal presence in Gelephu Mindfulness City and prepare an application for the relevant Financial Services Licence.

Establishing a Presence in Gelephu

The agreement between Bitget Limited and the Gelephu Mindfulness City Authority (GMCA) concerns a potential operational presence in Gelephu Mindfulness City, or GMC, in southern Bhutan. Bitget plans to work with GMCA on operational, regulatory and ecosystem-building workstreams while preparing its licence application under the framework administered by the Gelephu Financial Services Office (GFSO).

GMC is a Special Administrative Region in southern Bhutan that is being developed as an international financial and innovation hub. Its financial services and virtual asset regime is governed by the Financial Services Act 2025 and subsidiary rulebooks. Firms conducting regulated financial services or virtual asset activities in or from GMC are required to obtain a Financial Services Licence from the GFSO.

The cooperation is intended to support the growth of GMC’s digital asset ecosystem, subject to the required approvals. Bitget has described the planned local setup as including local hiring and office presence over time, alongside talent development, knowledge transfer and long-term capability building.

Bitget and GMC’s Stated Objectives

Bitget said the arrangement would allow it to contribute exchange experience, market infrastructure knowledge and digital asset industry expertise to GMC’s developing ecosystem. The company says it serves more than 125 million users and offers access to more than 2 million crypto tokens as well as more than 500 tokenized stocks, ETFs, commodities, foreign exchange products and precious metals across 150 regions.

Bitget Chief Executive Officer Gracy Chen said Bhutan’s approach to digital assets combines long-term thinking, clean-energy resources and regulatory clarity. Chen said Bitget aims to contribute its exchange experience, infrastructure knowledge and local talent development as the GMC ecosystem develops.

Jigdrel Singay, a board director of Gelephu Mindfulness City, said the jurisdiction’s objective is to build a digital asset ecosystem based on robust regulation, institutional standards and long-term economic value. Singay said partners such as Bitget can bring global expertise while contributing to local capabilities and the broader financial ecosystem.

Bhutan’s Digital Asset Strategy

Bhutan has used hydropower resources to support green cryptocurrency mining as part of a broader strategy to stimulate economic growth, create employment pathways and retain young talent. GMC adds a financial services and virtual asset framework to that wider digital asset story.

In December 2025, Bhutan’s Bitcoin Development Pledge signaled a long-term commitment to responsibly integrating digital assets into its economic development strategy. The pledge also referenced sound regulation, institutional participation and long-term value creation.

Within GMC, the Financial Services Act 2025 and its subsidiary rulebooks provide the applicable regime for financial services and virtual asset activities. The GFSO administers the relevant licensing framework, and a Financial Services Licence is required for firms carrying on regulated activities in or from GMC.

Licensing and Local Development

Preparing an application for the relevant Financial Services Licence is a stated next step under the cooperation agreement. The planned presence remains subject to the required approvals, and Bitget would need the relevant approvals and Financial Services Licence before operating regulated services in or from GMC.

Beyond the licensing preparation, the agreement identifies operational, regulatory and ecosystem-building workstreams for Bitget and GMCA. Bitget’s planned local hiring and office presence over time are intended to support GMC’s focus on substance, talent development, knowledge transfer and long-term capability building.

The agreement marks an initial step toward a local presence rather than confirmation that Bitget has received a licence. Its progress will depend on the required approvals under GMC’s financial services and virtual asset framework.