Bitget signs pact with Bhutan's Gelephu Mindfulness City

Bitget has signed a cooperation agreement with the Gelephu Mindfulness City Authority in Bhutan, marking the exchange's biggest announced arrangement so far in the Himalayan special economic zone.

Under the agreement, Bitget will explore establishing a legal presence in Gelephu Mindfulness City and preparing an application for a Financial Services Licence under the area's regulatory framework. It also plans to work with the authority on operational, regulatory and ecosystem matters as it seeks approvals.

The move gives fresh visibility to Bhutan's effort to develop Gelephu Mindfulness City, or GMC, into a financial and innovation centre with digital assets at its core. Officials have sought to position the project as a regulated venue for crypto-related businesses while drawing on Bhutan's wider use of hydropower in cryptocurrency mining.

Bitget's planned local set-up would include hiring in Bhutan and opening an office over time. Those steps are part of a broader push to contribute exchange expertise and market infrastructure knowledge to the zone's emerging digital asset sector.

GMC, in southern Bhutan, is a Special Administrative Region and has introduced a financial services and virtual asset regime under the Financial Services Act 2025 and related rulebooks. Firms conducting regulated financial services or virtual asset activities in or from GMC must obtain a Financial Services Licence from the Gelephu Financial Services Office.

Bhutan's push

Bhutan has drawn increasing attention in digital asset markets because of its sovereign approach to the sector. The country has used hydropower resources to support cryptocurrency mining as part of a strategy aimed at economic growth, job creation and retaining younger workers.

That backdrop matters for GMC because the project is being built from scratch as an international hub rather than as an extension of an existing financial centre. The agreement with Bitget suggests the zone is beginning to attract larger market participants as it tries to turn its regulatory framework into a functioning marketplace.

Bhutan has also signalled support for digital assets through a Bitcoin Development Pledge. According to the announcement on the latest agreement, the pledge included funding from the King of up to 10,000 bitcoin for the special economic zone.

The arrangement does not grant Bitget a licence, and any formal market presence in GMC remains subject to regulatory approval. Still, it sets out a path for the company to establish a local base and take part in the zone's development if it secures the required permissions.

Exchange interest

Bitget is one of the larger crypto exchanges by trading volume and says it serves more than 125 million users. Its business spans crypto tokens and a range of tokenised financial products, giving GMC a prospective entrant with international scale as the zone seeks to build credibility among global firms.

For Bhutan, attracting a major exchange would help test whether its model can compete with more established jurisdictions that already host digital asset firms. For exchanges, the appeal lies in a new rulebook tailored to financial services and virtual assets, combined with the country's effort to align digital asset policy with broader economic planning.

Chief Executive Officer Gracy Chen outlined Bitget's view of the market. "Bhutan is approaching digital assets with a rare mix of long-term thinking, clean-energy advantage and regulatory clarity," Chen said.

"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," she added.

GMC's leadership framed the agreement as part of a broader institution-building effort in the zone.

"Our objective is to build a world-class digital asset ecosystem founded on robust regulation, institutional standards and long-term economic value. Partners such as Bitget play an important role in bringing global expertise while contributing to the development of local capabilities and the broader financial ecosystem," said Jigdrel Singay, Board Director, Gelephu Mindfulness City.