Bitget has signed an agreement with Bhutan's Gelephu Mindfulness City Authority to explore a regulated crypto exchange presence in the $100B economic zone.
Crypto exchange Bitget has signed an agreement with the Gelephu Mindfulness City Authority in Bhutan, taking the first formal step toward establishing a licensed operation in the country's autonomous economic zone. The agreement opens the path for Bitget to apply for a financial services license within Gelephu Mindfulness City, known as GMC.
GMC is a $100 billion economic zone backed in part by Bhutan's national Bitcoin (BTC) reserves. It was created to attract high-value businesses in finance, technology, and wellness, operating under its own regulatory structure separate from Bhutan's national framework.
Bitget Sees GMC as a Digital Finance Hub
Gracy Chen, CEO of Bitget, said the zone offers a strong environment for crypto businesses to take root. "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," Chen said.
The agreement between Bitget and the GMC Authority remains exploratory at this stage. It could lead to a formal legal presence and a license application, but neither outcome is guaranteed without completing the regulatory process.
Related Article: Bhutan’s BTC Holdings Drop 87% From 2024 Peak
GMC Expands Its Crypto Partnerships
In the week before Bitget's announcement, GMC appointed Canadian digital asset manager 3iQ to manage a mandate backed by part of the city's BTC treasury. Under that arrangement, 3iQ will manage an undisclosed portion of the Bitcoin allocated to fund Gelephu's development.
3iQ will also establish a long-term presence in GMC, invest in local talent, and provide training and knowledge transfer. The back-to-back announcements from 3iQ and Bitget show GMC is actively recruiting crypto firms to build out the zone's financial ecosystem.
Bhutan has drawn attention in the digital asset industry for its state-level BTC holdings, which it has used to fund national development programs. GMC's partnerships with asset managers and exchanges suggest the zone is pursuing a coordinated strategy to become a regional hub for digital finance.
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