Image Credit: Shutterstock
Bitget has signed a cooperation agreement with Bhutan’s Gelephu Mindfulness City Authority to explore establishing a regulated local operation in the special administrative region.
The agreement gives Bitget a framework to establish a legal presence in GMC and prepare an application for a Financial Services License. The exchange has not received a license and cannot begin regulated financial or virtual asset activities in GMC without approval from the Gelephu Financial Services Office.
Bitget Plans License Application, Office, and Local Hiring
Under the agreement, Bitget and the city authority will work on regulatory, operational and digital asset ecosystem initiatives. The exchange also plans to establish an office and recruit locally as its presence develops.
The next regulatory step is the GFSO process. Prospective applicants must first meet the regulator and present their proposed business model. The GFSO may then invite them to submit a Financial Services License application.
Successful applicants receive in-principle approval before a full license. Conditions include local incorporation, a GMC bank account, required regulatory capital, office space and key personnel. An in-principle approval does not authorize a company to begin regulated operations.
GFSO Directory Lists Eight Active Licensed Firms
GMC regulates financial services and virtual assets under its Financial Services Act 2025 and subsidiary rulebooks. Crypto businesses must also comply with additional Virtual Asset Guidance.
The GFSO’s public directory currently lists eight active licensed institutions. They include Matrix Bhutan, Ceffu Digital, KairosX Gelephu and BTSE Exchange, with authorized activities spanning custody, money services, investment dealing and operation of a multilateral trading facility. Bitget was not listed as a licensed institution as of August 7.
3iQ and Nansen Have Also Targeted GMC Presence
Bitget joins other digital asset companies developing operations around GMC. Blockchain analytics company Nansen previously announced plans for a local entity and Bhutan-based team.
Digital asset manager 3iQ received a separate mandate in July to manage a portion of GMC’s Bitcoin treasury and establish a longer-term presence in the region. The size of that mandate was not disclosed.
Bitget CEO Gracy Chen said the exchange intends to contribute market infrastructure expertise and support local talent development. The cooperation agreement itself does not authorize regulated operations, leaving a GFSO application and full Financial Services License as the key steps before Bitget can launch a regulated GMC business.
