Bitget, one of the world's largest crypto exchanges by trading volume, has signed a cooperation agreement with Bhutan's Gelephu Mindfulness City Authority to explore a licensed digital asset presence in the planned economic zone, according to an announcement on August 6.
The agreement establishes a framework for Bitget to apply for a Financial Services Licence in the jurisdiction, though the exchange will remain subject to regulatory approvals from Bhutanese authorities. The arrangement does not grant Bitget an immediate licensed operation; it commits both parties to explore the conditions under which the exchange could legally operate in Gelephu Mindfulness City, a planned $100 billion economic zone in southern Bhutan.
Gelephu Mindfulness City has been under development as part of Bhutan's broader effort to diversify its economy beyond hydropower and tourism. The project, announced in 2023, aims to position the nation as a hub for wellness, technology and sustainable finance. Bhutan has historically maintained strict capital controls and avoided major financial liberalization, but the GMC initiative represents a departure toward selective engagement with global markets. The zone is designed to operate under special regulatory frameworks that may differ from Bhutan's broader financial rules.
Bitget's move into Gelephu follows a pattern of major crypto exchanges seeking licenses in new jurisdictions. The exchange operates licensed venues in multiple countries and maintains a significant presence in Asia. The cooperation agreement with GMC's authority places the exchange in direct negotiations with Bhutanese regulators over the terms of entry into a region where crypto regulation has been limited.
Bhutan's government has not previously granted crypto exchange licenses to major platforms. The arrangement between Bitget and the GMC Authority will require Bhutanese regulatory sign-off on the terms, timing, and compliance obligations. Neither party has disclosed when applications for a formal license might be filed or what specific regulatory standards would apply.
The agreement represents one of the first major crypto sector commitments to Gelephu Mindfulness City since its announcement. If Bitget obtains a license, the exchange would join a small number of platforms operating under explicit governmental approval in South Asia. The number to watch is whether Bhutan's financial regulator issues a final license within the next 24 months.
