Bitget signs Bhutan agreement to pursue crypto license in GMC

Bitget has signed a cooperation agreement with Bhutan’s Gelephu Mindfulness City Authority to establish a local presence and pursue a Financial Services Licence under the city’s virtual asset framework.

According to Bitget, the agreement provides a framework for the exchange to establish a legal entity in Gelephu Mindfulness City (GMC), prepare an application for a Financial Services Licence under the regulatory framework administered by the Gelephu Financial Services Office (GFSO), and collaborate with the Gelephu Mindfulness City Authority (GMCA) on operational, regulatory and ecosystem development workstreams. The company said the cooperation remains subject to the required regulatory approvals.

Bitget plans legal entity and license application in Bhutan

Under the announced framework, Bitget intends to establish offices in GMC over time and hire locally as part of its long-term presence in Bhutan. The company said the local setup will support talent development, knowledge transfer and capability building alongside its exchange operations.

Gracy Chen, chief executive officer of Bitget, said Bhutan combines long-term planning, renewable energy resources and a regulatory framework that supports digital assets. She added that the company intends to contribute exchange infrastructure, operational experience and local talent development as the ecosystem develops.

The agreement also commits both parties to cooperate on regulatory processes and ecosystem-building activities tied to GMC’s financial services framework rather than limiting the relationship to licensing alone.

Gelephu Mindfulness City requires licensed virtual asset firms

Located in southern Bhutan, Gelephu Mindfulness City is being developed as a Special Administrative Region with ambitions to become an international financial and innovation hub.

Its virtual asset regime operates under the Financial Services Act 2025 and related rulebooks. Under that framework, companies providing regulated financial services or virtual asset activities in or from GMC must obtain a Financial Services Licence from the GFSO before operating.

Jigdrel Singay, board director of Gelephu Mindfulness City, said the city’s objective is to develop a digital asset ecosystem built on regulation, institutional standards and long-term economic value. He said partners such as Bitget contribute international expertise while helping strengthen local capabilities and the financial ecosystem.

The announcement also referred to Bhutan’s Bitcoin Development Pledge announced in December 2025, which presented the country’s strategy for integrating digital assets into economic development while promoting institutional participation and regulatory oversight.

Bhutan has already drawn attention within the digital asset industry for using surplus hydropower to support environmentally powered Bitcoin mining as part of efforts to diversify the economy, create employment opportunities and retain young professionals.

Bhutan agreement extends Bitget’s jurisdiction-by-jurisdiction strategy

The Bhutan announcement follows several regulatory moves by Bitget across different markets during the past few weeks.

Earlier this month, the exchange announced that it would withdraw services for residents of Japan instead of seeking local authorization. New account registrations have already been suspended, while account restrictions are scheduled to begin on Nov. 1. Bitget also said any positions that remain open on Dec. 31 will be closed automatically.

The Japan withdrawal came after repeated warnings from Japan’s Financial Services Agency in 2023 and 2024 over operating without registration. In June 2025, the Kanto Local Finance Bureau also issued a warning to BTG Technology Holdings Limited, identifying the company as operating under the Bitget name while allegedly soliciting certain online derivatives transactions without registration.

Outside Japan, the exchange has continued applying for registrations and approvals where it plans to maintain a local presence.

In July, Bitget completed registration on New Zealand’s Financial Service Providers Register across five financial service categories, including foreign exchange, client asset custody, domestic and cross-border money transfers, portfolio management, and execution of financial products. The company also joined New Zealand’s Insurance and Financial Services Ombudsman dispute resolution scheme.

New Zealand’s Companies Office has stated that registration on the FSPR does not itself constitute government approval or active regulatory supervision. Depending on the activity involved, separate authorization from the Financial Markets Authority or the Reserve Bank of New Zealand may still be required.

Local licensing remains central to Bitget’s expansion plans

Bitget has adopted a market-by-market regulatory approach rather than offering identical services across all jurisdictions.

During July, the exchange confirmed that Singapore remains a restricted jurisdiction because it is not licensed, approved, registered or supervised by the Monetary Authority of Singapore. The company said it neither offers services to nor targets residents in the country.

The exchange is also preparing for a return to the United States. As previously reported by crypto.news, Bitget plans to establish an independent U.S. entity before launching services and will first pursue money-transmitter, broker-dealer and derivatives approvals. She said the company’s U.S. expansion will proceed regardless of whether Congress ultimately passes the CLARITY Act.

Alongside its regulatory work, Bitget has continued expanding its tokenized investment products. Chen previously said tokenized traditional assets accounted for between 20% and 30% of the exchange’s spot trading volume during the previous quarter, while 52% of Bitget users held both cryptocurrencies and stocks.