Bhutan welcomes Bitget's bid for regulated cryptocurrency operations

Bhutan welcomes Bitget's bid for regulated cryptocurrency operations

The cryptocurrency exchange Bitget has formalized a partnership with the Gelephu Mindfulness City Authority in Bhutan as it seeks to establish a regulated digital asset operation in the nation.

The cryptocurrency exchange Bitget has formalized a partnership agreement with the Gelephu Mindfulness City Authority in Bhutan, marking a significant step toward establishing a regulated operational presence as the platform pursues expansion into the nation's burgeoning digital asset market.

This partnership agreement has the potential to enable Bitget to build a lawful operational foothold and begin the process of submitting its application for an appropriate financial services license within GMC, a $100 billion autonomous economic zone supported partially by Bhutan's sovereign Bitcoin holdings that seeks to generate high-value employment opportunities in the finance, technology and wellness sectors.

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.

Gracy Chen, CEO at Bitget

In recent developments last week, GMC designated Canadian digital-asset manager 3iQ to oversee a mandate supported by a portion of its Bitcoin treasury.

Through this partnership arrangement, 3iQ will oversee an undisclosed portion of the Bitcoin designated to support Gelephu's development. The company will also build a long-term presence in the city, invest in local talent and provide training and knowledge transfer.