Crypto exchange Bitget has signed a cooperation agreement with the Gelephu Mindfulness City Authority to explore establishing a licensed digital asset operation in Bhutan's new autonomous economic zone, as the city works to attract international financial firms to its developing ecosystem.
The agreement allows Bitget to create a legal presence in Gelephu Mindfulness City and prepare an application for a Financial Services License from the Gelephu Financial Services Office. Under Bhutan's Financial Services Act 2025, companies conducting regulated financial or virtual asset activities in or from GMC must hold that license. The agreement does not mean Bitget has already received approval.
Gracy Chen, CEO of Bitget, said the country offers qualities that fit the exchange's approach to expansion.
"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," she said.
Jigdrel Singay, Board Director of Gelephu Mindfulness City, said GMC wants partners capable of combining global expertise with a commitment to the local market. He said the city aims to build a world-class digital asset ecosystem focused on strong regulation, institutional standards, and long-term growth, and that partners like Bitget can bring global experience while helping develop local skills and strengthen the financial ecosystem.
What Gelephu Mindfulness City is and why digital asset firms are entering it
Gelephu Mindfulness City is a Special Administrative Region in southern Bhutan established as an international hub for finance, technology, and wellness. It carries an estimated development value of $100 billion and has its own regulatory framework separate from Bhutan's national legal structure. That framework includes dedicated rules for financial services and virtual assets, making it an autonomous regulatory environment within the Himalayan kingdom.
Bhutan's national government has used its hydropower resources to support Bitcoin mining for several years as part of a broader economic diversification strategy. In December 2025, the country announced a Bitcoin Development Pledge, outlining plans to include digital assets in its economic strategy with a focus on responsible regulation and institutional involvement. Part of Bhutan's national Bitcoin reserves has been allocated to support Gelephu's development directly.
The city made a related announcement last week when it appointed Canadian digital-asset manager 3iQ to manage a portion of the Bitcoin treasury allocated to support GMC's growth. Under that mandate, 3iQ will manage an undisclosed amount of Bitcoin and plans to establish a physical presence in the city alongside knowledge transfer and local talent programs.
Bitget's agreement adds a cryptocurrency exchange to a list that now includes a major asset manager, covering different parts of the digital asset value chain from institutional treasury management to retail and institutional trading infrastructure.
Beyond the agreement: physical presence and talent development
The cooperation agreement covers more than the licensing process. Bitget said it plans to establish a physical office in Gelephu over time, hire locally, and contribute digital asset industry knowledge to support the city's long-term plans. The exchange described those commitments as part of what it can offer alongside its technical and operational capabilities.
Chen placed Bhutan's combination of clean energy, long-term policy vision, and regulatory clarity as the factors behind Bitget's interest. Bhutan's energy-based Bitcoin mining program demonstrated that the government is willing to build digital asset infrastructure at a national level, and GMC's separate regulatory framework adds a structured entry point for companies that want licensing certainty before committing capital.
GMC's broader ambitions center on creating high-value employment across finance and technology in a country that has historically struggled to retain skilled workers. The Bitcoin Development Pledge and the GMC project together represent a strategy to build both a sovereign asset base and an institutional ecosystem around it.
Bitget is currently navigating a separate regulatory transition. Earlier this month, the exchange announced it will cease operations in Japan by the end of 2026 after failing to obtain the FSA registration required to serve Japanese residents, with account restrictions beginning November 1 and forced position closures after December 31. The Bhutan agreement represents the other side of that picture: a market where Bitget is seeking a licensed presence from the start rather than operating without registration.
Gunel Ismayilova
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