Bitget has signed a cooperation agreement with Bhutan’s Gelephu Mindfulness City Authority as the cryptocurrency exchange works toward establishing a regulated local presence.
Under the agreement, Bitget plans to create a legal entity in Gelephu Mindfulness City, open local offices and apply for a Financial Services Licence under the city’s virtual asset regulatory framework.
The arrangement does not mean Bitget has already received permission to operate. Its proposed services remain subject to regulatory review and approval by the Gelephu Financial Services Office.
Bitget Plans a Regulated Presence in Bhutan
The cooperation agreement creates a framework for Bitget to begin building operations in Gelephu Mindfulness City, also known as GMC.
The exchange intends to establish a locally registered company and prepare an application for a Financial Services Licence. It will also work with the Gelephu Mindfulness City Authority on regulation, operations and broader digital asset ecosystem development.
Bitget said the partnership is designed to support a long-term presence rather than a temporary or remote licensing arrangement.
Over time, the company plans to establish offices, recruit local employees and contribute to professional training and knowledge transfer.
Licence Application Remains Subject to Approval
Bitget cannot begin regulated virtual asset operations in GMC solely because it has signed the agreement.
Companies providing covered financial or cryptocurrency services within the city must receive authorization from the Gelephu Financial Services Office.
Bitget must therefore complete the application process and meet the regulator’s operational, compliance, governance and risk-management requirements before launching licensed services.
The agreement supports that process, but it does not guarantee that a licence will be granted.
Gelephu Mindfulness City Builds a Digital Asset Hub
Gelephu Mindfulness City is being developed in southern Bhutan as a Special Administrative Region focused on finance, technology, sustainability and international investment.
Its leaders aim to create a regulated environment for financial firms, digital asset companies and other technology-focused businesses.
The city’s virtual asset regime operates under the Financial Services Act 2025 and related regulatory rules.
Under this framework, companies conducting regulated financial or virtual asset activities in or from GMC must first obtain a Financial Services Licence.
The system is intended to attract international firms while maintaining regulatory oversight and institutional operating standards.
Bitget Plans Local Hiring and Talent Development
Bitget said its proposed presence would include local recruitment and capability-building initiatives.
The company expects its offices to support exchange operations while helping develop local expertise in digital assets, financial technology, compliance and blockchain infrastructure.
Bitget CEO Gracy Chen said Bhutan offers a combination of long-term economic planning, renewable energy and a regulatory environment that supports digital asset development.
She said the exchange plans to contribute its technical infrastructure and international operating experience while helping develop local talent.
Local hiring could also demonstrate that Bitget intends to maintain a meaningful operational presence in the jurisdiction rather than using GMC only as a registration location.
Partnership Extends Beyond Licensing
The agreement covers more than Bitget’s licence application.
Bitget and the Gelephu Mindfulness City Authority also plan to cooperate on regulatory processes, operational development and activities intended to expand the city’s digital asset ecosystem.
This could include knowledge sharing, industry engagement, infrastructure planning and support for regulated blockchain businesses.
However, neither party has announced a launch date, investment amount or detailed list of products Bitget would offer after receiving approval.
The final scope of the partnership will depend on licensing decisions and future operational plans.
Bhutan Highlights Institutional Crypto Development
Bhutan has attracted growing attention within the cryptocurrency sector because of its approach to Bitcoin and blockchain-related economic development.
The country has used surplus hydropower to support Bitcoin mining, linking digital asset activity with its renewable-energy resources.
This strategy has been presented as one way to diversify the economy, create employment and encourage skilled young workers to remain in the country.
The announcement also referenced Bhutan’s Bitcoin Development Pledge, introduced in December 2025.
The initiative outlined plans to integrate digital assets into long-term economic development while emphasizing regulation, institutional participation and responsible infrastructure.
GMC Wants a Regulated Crypto Ecosystem
Jigdrel Singay, a board director at Gelephu Mindfulness City, said the city wants to build a digital asset ecosystem based on strong regulation and long-term economic value.
He said international partners such as Bitget can contribute global experience while helping strengthen local skills and financial infrastructure.
GMC’s approach appears focused on attracting companies willing to establish local operations and work within its licensing framework.
This differs from lightly regulated offshore models where exchanges may operate without significant local staffing or regulatory oversight.
Bhutan Deal Reflects Bitget’s Market-by-Market Strategy
Bitget has increasingly taken a jurisdiction-by-jurisdiction approach to global expansion.
Rather than providing the same services in every country, the exchange evaluates local licensing requirements and decides whether to apply for authorization, restrict access or withdraw.
The Bhutan agreement represents a market where Bitget intends to pursue formal approval and establish a local entity.
Its strategy has been different in countries where the exchange does not currently hold the required licences.
Bitget Is Withdrawing From Japan
Earlier in August, Bitget announced that it would stop serving residents of Japan instead of seeking local authorization.
The exchange suspended new registrations and said account restrictions would begin on Nov. 1.
Any positions still open on Dec. 31 are expected to be closed automatically.
The withdrawal followed regulatory warnings issued by Japanese authorities concerning services allegedly offered without registration.
Japan’s Financial Services Agency warned Bitget about unregistered activity in 2023 and 2024.
In June 2025, the Kanto Local Finance Bureau also issued a warning to BTG Technology Holdings Limited, identifying it as an entity operating under the Bitget name and allegedly soliciting some online derivatives transactions without authorization.
New Zealand Registration Supports Regional Expansion
While withdrawing from Japan, Bitget has continued obtaining registrations in markets where it plans to operate.
In July, the exchange joined New Zealand’s Financial Service Providers Register across five service categories.
These included:
- Foreign exchange services
- Client asset custody
- Domestic and international money transfers
- Portfolio management
- Execution of financial products
Bitget also joined New Zealand’s Insurance and Financial Services Ombudsman dispute-resolution scheme.
However, registration on the Financial Service Providers Register does not automatically mean the company has received government approval for every service.
New Zealand authorities have noted that separate authorization from the Financial Markets Authority or Reserve Bank may still be needed, depending on the activity.
Singapore Remains a Restricted Market
Bitget has also confirmed that Singapore remains a restricted jurisdiction.
The exchange said it is not licensed, approved, registered or supervised by the Monetary Authority of Singapore.
As a result, it does not offer services to or actively target residents of the country.
This restriction reflects Bitget’s wider approach of limiting access in markets where it lacks the necessary regulatory status.
The exchange appears increasingly willing to withdraw or remain absent rather than risk operating without formal authorization.
Bitget Plans a Future U.S. Return
Bitget is also preparing for a possible return to the United States.
The company plans to establish an independent U.S. entity before offering services in the market.
Its regulatory strategy is expected to include applications for money-transmitter, broker-dealer and derivatives-related approvals.
Chen has said the exchange intends to continue with its U.S. expansion plans regardless of whether Congress passes the CLARITY Act.
A U.S. launch would still depend on obtaining the required federal and state authorizations.
Tokenized Assets Become More Important to Bitget
Alongside its licensing strategy, Bitget has expanded its tokenized investment products.
Chen previously said tokenized traditional assets represented between 20% and 30% of the exchange’s spot trading volume during the previous quarter.
She also said 52% of Bitget users held both cryptocurrencies and stocks.
These figures suggest that the company is positioning itself as a platform connecting digital assets with more traditional investments.
A regulated presence in GMC could potentially support this wider product strategy, although Bitget has not confirmed which services it would launch in Bhutan.
Local Licensing Is Central to Bitget’s Expansion
The Bhutan agreement shows how Bitget is balancing international growth with increasing regulatory pressure.
In some jurisdictions, the company is pursuing registrations and establishing local entities. In others, it is limiting or ending services because it lacks the required approval.
Gelephu Mindfulness City offers Bitget an opportunity to enter an emerging financial hub built around a dedicated licensing framework.
The partnership may also give GMC access to Bitget’s international exchange infrastructure and operating experience.
However, the project remains at an early stage. Bitget must still establish its local entity, submit its licence application and receive regulatory approval before beginning covered operations.
What Happens Next?
The next major step will be Bitget’s formal application to the Gelephu Financial Services Office.
Regulators will likely evaluate the company’s compliance controls, governance, cybersecurity, financial resources and procedures for protecting customer assets.
Bitget may also begin planning its local office, hiring process and operational infrastructure.
Investors and industry observers will watch for details concerning:
- The timing of the licence application
- Final regulatory approval
- The services included in the licence
- Local office openings
- Employee recruitment
- Product availability
- Institutional partnerships in Bhutan
Until approval is granted, the agreement should be viewed as a framework for regulatory cooperation rather than confirmation of an active licensed exchange.
Bitget Moves Closer to a Bhutan Launch
Bitget’s agreement with Gelephu Mindfulness City marks an early step toward establishing a regulated crypto business in Bhutan.
The exchange plans to create a local entity, pursue a Financial Services Licence and contribute to the city’s digital asset ecosystem.
The move fits Bitget’s broader strategy of entering selected markets through local registrations while restricting services in jurisdictions where it lacks approval.
A successful licence application could give Bitget access to a developing financial and technology hub supported by Bhutan’s renewable-energy resources and digital asset ambitions.
For now, the company’s planned launch remains dependent on regulatory approval and the completion of its local operating structure.
