Bitget explores licensed crypto presence in Bhutan

Crypto exchange Bitget has entered into an agreement with Bhutan's Gelephu Mindfulness City Authority to explore setting up a licensed local operation. The regulated presence is being pursued as the exchange aims to establish a foothold in the country's growing digital asset sector. This partnership could enable Bitget to obtain a financial services license within Bhutan's Gelephu Mindfulness City (GMC), a $100 billion autonomous economic zone that is partially backed by the nation's Bitcoin reserves.

The zone is focused on creating high-value roles in finance, technology, and wellness. Gracy Chen, CEO of Bitget, expressed enthusiasm about contributing their exchange expertise, infrastructure knowledge, and local workforce development as the ecosystem expands. Just recently, GMC appointed Canadian digital-asset manager 3iQ to manage a portion of its Bitcoin treasury.

3iQ will handle an undetermined amount of the Bitcoin earmarked for Gelephu's growth. Furthermore, the company plans to establish a long-term presence in the city, invest in local talent, and provide training along with knowledge transfer. Meanwhile, Bhutan's Gelephu city has enlisted 3iQ to oversee a segment of its Bitcoin treasury, as announced last week.