Bitget, the leading global cryptocurrency exchange, announced Thursday the signing of a high-level cooperation agreement with the Gelephu Mindfulness City (GMC) Authority to explore a licensed presence in the Himalayan kingdom.
What does the partnership cover
With this partnership, Bitget aims to establish a regulatory and operational framework which will allow the platform to apply for a Financial Services License under the Gelephu Financial Services Office (GFSO). As part of the agreement, the exchange intends to develop a local presence in the GMC, including plans for an office and staff recruitment to support the zone’s emerging digital asset ecosystem.
The deal represents a significant development for Bhutan, which has increasingly positioned itself as a destination for digital asset innovation. The country has leveraged its domestic hydropower resources to fuel green cryptocurrency mining operations, aiming to boost economic growth and attract high-skilled talent.
“Bhutan is approaching digital assets with a rare mix of long-term thinking, clean-energy advantage and regulatory clarity,” said Gracy Chen, CEO of Bitget. “GMC is the emerging hotbed for digital finance, and Bitget looks forward to contributing exchange experience, infrastructure knowledge and local talent development as this ecosystem grows.”
What is Gelephu Mindfulness City
Gelephu Mindfulness City is a Special Administrative Region in southern Bhutan, developed as a next-generation hub for finance and technology. Its virtual asset regime operates under the Financial Services Act 2025, which mandates that firms conducting regulated financial services in or from the city obtain a license from the GFSO.
Jigdrel Singay, a board director at the Gelephu Mindfulness City Authority, said the partnership is intended to foster institutional standards within the local market.
“Our objective is to build a world-class digital asset ecosystem founded on robust regulation, institutional standards and long-term economic value,” Singay said. “Partners such as Bitget play an important role in bringing global expertise while contributing to the development of local capabilities.”
The agreement follows Bhutan’s December 2025 Bitcoin Development Pledge, which signaled the country’s intention to integrate digital assets into its long-term economic strategy.
The exchange said its planned local setup will focus on knowledge transfer and building sustainable infrastructure within the Gelephu region.
Other firms ahead of Bitget
Before Bitget announced its partnership, several major digital asset players had already secured full or preliminary licenses. Matrixport successfully obtained its Financial Services Licence (FSL) to offer over-the-counter (OTC) trading and institutional custody.
Ceffu, which is a crypto custody platform associated with Binance, also got its full FSL earlier this year. OxPay is another platform with full digital payment and stablecoin settlement license, which it secured in May.
