Bitget Targets Licensed Crypto Presence in Bhutan's Gelephu City

Leading cryptocurrency exchange Bitget has taken a significant step towards establishing a legal presence and applying for a financial services license within Gelephu Mindfulness City (GMC) by signing a strategic cooperation agreement with Bhutan's Gelephu Mindfulness City Authority (GMCA). This agreement provides a framework for Bitget to collaborate with GMCA on operational, regulatory, and ecosystem-building workstreams in the region.

Gelephu Mindfulness City is a Special Administrative Region (SAR) in southern Bhutan, currently under development as an international financial and innovation hub. The region operates under the Financial Services Act 2025 and its associated rulebooks. Under this framework, firms conducting regulated financial services or virtual asset activities in or from GMC are required to obtain a Financial Services Licence from the Gelephu Financial Services Office (GFSO). Gracy Chen, CEO of Bitget, highlighted Bhutan's approach to digital assets, noting its blend of long-term thinking, clean-energy advantage, and regulatory clarity. Jigdrel Singay, Board Director of GMC, emphasized their objective to build a world-class digital asset ecosystem founded on robust regulation, institutional standards, and long-term economic value.

Bhutan has adopted a national digital asset strategy, leveraging its hydropower resources to support green cryptocurrency mining. The country demonstrated its long-term commitment to integrating digital assets into its economic development strategy with the “Bitcoin Development Pledge” in December 2025. Gelephu Mindfulness City, a crucial component of this strategy, aims to stimulate economic growth, create high-value employment opportunities, and retain young talent within the country. The region also offers incentives such as accelerated licensing processes, 0% corporate tax for certain companies, and integrated banking access.

This development positions Bhutan and Gelephu Mindfulness City as a significant hub within the global crypto ecosystem. With the prior appointment of Canadian digital asset manager 3iQ to oversee a portion of GMC's Bitcoin treasury, the region continues to attract international crypto firms. Should licenses be granted and local subsidiaries established, such steps are expected to positively influence overall crypto market sentiment.

Bhutan's approach to digital assets reflects a unique 'two crypto economies' model: while restricting retail crypto use, it encourages state-backed mining and special economic zones for businesses. This strategy supports the country's long-term commitment to responsibly integrating digital assets into its economic development. Bitget's move also underscores the company's strategic shift towards emerging markets with clear regulatory frameworks.

Analysts and market observers anticipate that Bitget's collaboration will bring significant contributions in global exchange experience, infrastructure knowledge, and local talent development to GMC's burgeoning ecosystem. It is noted that while the agreement establishes a framework, actual license acquisition is subject to the necessary regulatory approvals. The combination of government-backed special economic zones with Bitcoin holdings, management mandates, and exchange access has the potential to create a framework that broadens the institutional legitimacy and real-world adoption of cryptocurrencies in the long term.