Bitget Partners with Gelephu Mindfulness City Authority
Bitget, a prominent cryptocurrency exchange, has forged a partnership with the Gelephu Mindfulness City Authority in Bhutan, aiming to establish a foothold in the region by seeking a Financial Services License within the city’s virtual asset regulatory framework. This collaboration marks a strategic move for Bitget, allowing it to create a legal presence in Gelephu Mindfulness City (GMC) and initiate the process of acquiring necessary licensing from the Gelephu Financial Services Office (GFSO).
Strategic Collaboration and Vision
The agreement outlines a multifaceted approach where Bitget will not only set up operations in GMC but also engage in talent development and ecosystem strengthening alongside local authorities. Gracy Chen, CEO of Bitget, highlighted Bhutan’s progressive regulatory environment, renewable energy resources, and commitment to long-term planning as favorable factors for the company’s expansion.
“Partnerships with firms like Bitget are essential for leveraging international expertise while enhancing local capacities.”
Under the established framework, both parties are committed to collaborative efforts that go beyond just licensing, focusing on comprehensive regulatory processes and the development of the financial ecosystem in GMC. The city, located in southern Bhutan, aims to become a center for international finance and innovation, with its regulatory scheme under the Financial Services Act of 2025. All businesses looking to offer regulated financial services or engage in virtual asset activities within GMC must secure a Financial Services License before commencing operations.
Bhutan’s Bitcoin Development Pledge
The board director of Gelephu Mindfulness City, Jigdrel Singay, emphasized the city’s vision of creating a sustainable digital asset ecosystem grounded on robust regulations and economic value. This agreement also comes in light of Bhutan’s Bitcoin Development Pledge, unveiled in December 2025 as part of the nation’s initiative to weave digital assets into its economic growth. By utilizing excess hydropower, Bhutan has positioned itself as a notable player in the industry, championing environmentally-friendly Bitcoin mining practices that could lead to economic diversification and job creation.
Regulatory Adjustments and Market Strategy
The agreement with Bhutan follows Bitget’s recent regulatory adjustments in other markets. Earlier this month, the exchange opted to cease operations for Japanese residents instead of applying for local permission, halting new registrations and preparing to impose account restrictions starting November 1. This decision stemmed from multiple alerts by Japan’s Financial Services Agency regarding Bitget’s unregistered operations.
In contrast, Bitget has maintained a proactive stance in other regions. In July, the exchange succeeded in its registration with New Zealand’s Financial Service Providers Register, covering various service categories including money transfers and portfolio management. It’s essential to note that this registration does not equate to government endorsement, and further regulatory approvals may still be necessary.
Bitget’s approach to regulation focuses on adapting its services to comply with local laws rather than offering uniform services worldwide. For instance, it confirmed that it neither serves nor targets users in restricted areas like Singapore, where it lacks the required licensing.
Future Plans and Product Expansion
Meanwhile, the exchange is gearing up to re-enter the U.S. market by establishing a separate U.S. entity to facilitate its operations and pursue several regulatory approvals, including money transmission and broker-dealing. Regardless of the progress of the CLARITY Act in Congress, Bitget’s plans for U.S. expansion continue unabated.
As Bitget forges ahead, it also expands its range of tokenized investment products, indicating a shift toward integrating traditional assets within its trading ecosystem. Chen previously noted that these products constituted a significant portion of their trading activity in the past quarter, highlighting a growing interest among users to diversify their portfolios with both cryptocurrencies and traditional equities.
