Bitget Signs Agreement to Pursue Crypto License in Bhutan's Gelephu Special Economic Zone

Cryptocurrency exchange Bitget has signed a cooperation agreement with the Gelephu Mindfulness City (GMC) Authority in Bhutan, establishing a framework for the exchange to potentially secure a regulated presence in the country. The deal paves the way for Bitget to prepare an application for a Financial Services Licence within the special administrative region, according to a report from Investing.com.

Details of the Agreement

The agreement outlines a plan for Bitget to establish a legal entity in Gelephu Mindfulness City and seek regulatory approval from the Gelephu Financial Services Office (GFSO). It is important to note that no license has been granted at this stage; the agreement commits Bitget to the application process under a regime that reportedly took effect last year.

All potential local operations remain subject to receiving the necessary regulatory approvals. As part of the collaboration, Bitget is expected to work with the GMC Authority on operational, regulatory, and ecosystem development initiatives.

Strategic Significance

This move signals Bitget's interest in expanding into emerging, crypto-friendly jurisdictions, particularly those with clear regulatory ambitions and unique advantages. "Bhutan is approaching digital assets with a rare mix of long-term thinking, clean-energy advantage and regulatory clarity," said Gracy Chen, CEO at Bitget.

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For Bhutan, the partnership aligns with its goal to develop GMC into an international hub for finance and innovation. "Our objective is to build a world-class digital asset ecosystem founded on robust regulation, institutional standards and long-term economic value," stated Jigdrel Singay, a board director of Gelephu Mindfulness City. He added that partners like Bitget bring global expertise and contribute to developing local capabilities.

Bhutan's Digital Asset Ambitions

Gelephu Mindfulness City is a Special Administrative Region in southern Bhutan. Its financial and virtual asset activities are governed by the Financial Services Act 2025 and related rulebooks, which require firms operating in or from the zone to be licensed by the GFSO.

Bhutan has been actively integrating digital assets into its broader economic strategy, leveraging its significant hydropower resources for green cryptocurrency mining. The nation's long-term commitment was highlighted by the Bitcoin Development Pledge in December 2025, which framed digital assets as a key component of its economic growth and talent retention plans.