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Bitget eyes GMC license
Bitget signed a cooperation agreement with Bhutan’s Gelephu Mindfulness City Authority to explore establishing a legal presence in Gelephu Mindfulness City (GMC) and to prepare an application for a Financial Services Licence under the city’s regulatory framework.
“Bitget will explore establishing a legal presence in Gelephu Mindfulness City and preparing an application for a Financial Services Licence”
The deal is tied to GMC’s status as a Special Administrative Region in southern Bhutan, where firms conducting regulated financial services or virtual asset activities must obtain a Financial Services Licence from the Gelephu Financial Services Office (GFSO).
Bitget said the cooperation framework would cover operational, regulatory and ecosystem development workstreams, while remaining subject to required regulatory approvals.
In the same announcement, Bitget CEO Gracy 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."
Regulated venue and officials
GMC’s leadership framed the agreement as part of institution-building in the zone, with Gelephu Mindfulness City board director Jigdrel Singay saying, "Our objective is to build a world-class digital asset ecosystem founded on robust regulation, institutional standards and long-term economic value."
The cooperation is described as a step toward making GMC a regulated venue for crypto-related businesses, with the city introducing a financial services and virtual asset regime under the Financial Services Act 2025 and related rulebooks.
CoinGape’s coverage similarly states that Bitget will attempt to establish a legal entity in GMC and submit an application for a Financial Services Licence with the Gelephu Financial Services Office (GFSO), while working cooperatively on operational and compliance initiatives subject to regulatory approval.
In the same reporting, CoinGape also quotes Singay on partners bringing global expertise, including his line, "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."
What’s at stake next
The agreement does not grant Bitget a licence, and any formal market presence in GMC remains subject to regulatory approval, according to CFOtech Asia’s account of the cooperation framework.
“The arrangement does not grant Bitget a licence, and any formal market presence in GMC remains subject to regulatory approval”
CFOtech Asia also links the push to Bhutan’s broader digital asset posture, noting that Bhutan has signalled support through a Bitcoin Development Pledge that included funding from the King of up to 10,000 bitcoin for the special economic zone.
Bitget’s planned local set-up includes hiring in Bhutan and opening an office over time, with the exchange describing the move as contributing exchange expertise, infrastructure knowledge and local talent development as the ecosystem grows.
GlobeNewswire similarly says the cooperation aims to support the growth of the GMC digital asset ecosystem, while emphasizing that the planned local presence includes, "over time, hiring local staff and establishing offices" as part of building economic substance and long-term capacity.
