Bitget Inks Deal to Pursue Crypto License in Bhutan's Gelephu Mindfulness City

Global cryptocurrency exchange Bitget has signed a cooperation agreement with the Gelephu Mindfulness City Administration in Bhutan, a strategic move aimed at securing a license to operate within the country. The deal establishes a foundational framework for Bitget to create a legal entity in the developing economic hub, according to information obtained by Investing.com.

Strategic Partnership Details

The agreement outlines a path for Bitget to apply for a financial services license from the Gelephu Financial Services Office (GFSO). It also paves the way for deeper collaboration on operational compliance and ecosystem development within the city.

However, all local business activities remain subject to formal approval from the relevant authorities, as the license has not yet been granted. The agreement stipulates that Bitget must submit its application under the regulatory framework that officially came into effect last year.

A New Hub for Digital Finance

Gelephu Mindfulness City (GMC) is a special administrative region currently under development in southern Bhutan. The project aims to establish an international financial and innovation center, with its financial and virtual asset regulations governed by the Financial Services Act of 2025.

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Under this framework, any entity conducting regulated financial services or virtual asset business within or from GMC must obtain a license from the GFSO. The initiative is part of Bhutan's broader strategy to diversify its economy and attract international investment.

Context and Executive Commentary

"Bhutan is embracing digital assets with a rare long-term vision, clean energy advantages, and a clear regulatory framework," said Bitget CEO Gracy Chen. "Gelephu Mindfulness City is becoming a new hotbed for digital finance, and Bitget looks forward to integrating its experience in exchange operations, infrastructure, and local talent cultivation into this ecosystem's growth."

Bhutan has been leveraging its abundant hydropower resources to support green cryptocurrency mining as part of a national strategy to foster economic growth and create opportunities for its youth. In December 2025, the country formalized its long-term intent by passing the Bitcoin Development Commitment, integrating digital assets into its national economic plan.

"Our goal is to build a world-class digital asset ecosystem based on strict regulation, institutional standards, and long-term economic value," stated Jigdrel Singay, a board member of Gelephu Mindfulness City. "Partners like Bitget make a significant contribution by bringing in global expertise while also contributing to local capacity building and the development of the broader financial ecosystem."