Bitget moves to secure crypto license in Bhutan’s Gelephu Mindfulness City (GMC), deepening its jurisdiction‑by‑jurisdiction expansion strategy and tying its growth plans to one of Asia’s newest financial innovation hubs.
Under a newly signed cooperation agreement with the Gelephu Mindfulness City Authority, the exchange aims to set up a dedicated legal entity in GMC and apply for a Financial Services Licence within the city’s bespoke virtual asset regime. The arrangement is designed not only to enable Bitget to operate locally, but also to support broader ecosystem development in Bhutan’s emerging digital asset sector.
According to Bitget, the framework covers three key pillars: incorporation of a local entity in Gelephu Mindfulness City, preparation and submission of a Financial Services Licence application to the Gelephu Financial Services Office (GFSO), and ongoing collaboration with the Gelephu Mindfulness City Authority (GMCA) on operational, regulatory and ecosystem‑building initiatives. All steps remain contingent on the necessary regulatory approvals.
As part of its long‑term strategy in Bhutan, Bitget plans to gradually open offices in GMC and hire staff locally. The company says this local footprint is intended to do more than just serve users in the region: it is also meant to foster talent development, facilitate knowledge transfer between international and Bhutanese professionals, and strengthen technical and regulatory capabilities around digital asset infrastructure.
Chief executive officer Gracy Chen highlighted several reasons behind Bitget’s interest in Bhutan. She pointed to the country’s emphasis on long‑term economic planning, its access to renewable hydropower resources, and a regulatory framework that explicitly incorporates digital assets. Bitget, in turn, intends to bring exchange technology, operational know‑how and training for local professionals as Gelephu’s financial services ecosystem matures.
The cooperation deal goes beyond a straightforward licensing push. Both Bitget and the Gelephu authorities have committed to working together on regulatory processes and on broader initiatives that support the growth of GMC’s financial services sector. This includes contributing to policy refinement, helping shape best practices for risk management and compliance, and supporting initiatives that attract other institutional participants to the city.
Gelephu Mindfulness City, located in southern Bhutan, is being built as a Special Administrative Region with the ambition of becoming a regional hub for finance, technology and innovation. Its virtual asset framework sits under the Financial Services Act 2025 and associated rulebooks, which set out detailed requirements for firms operating in or from GMC.
Within this framework, any business seeking to provide regulated financial services or engage in virtual asset activities from Gelephu must first obtain a Financial Services Licence from the GFSO. That licensing step is central to Bhutan’s approach: rather than allowing unregulated crypto activity, the authorities have opted for a tightly controlled environment that emphasizes institutional standards and supervisory oversight.
Jigdrel Singay, board director of Gelephu Mindfulness City, stated that the city’s goal is to cultivate a digital asset ecosystem grounded in robust regulation, high institutional benchmarks and durable economic value. Partners like Bitget, he noted, are expected to bring global experience in exchange operations and compliance while simultaneously helping to build local capacity and deepen the resilience of the financial system.
The announcement also referenced Bhutan’s Bitcoin Development Pledge, unveiled in December 2025. That initiative laid out the country’s broader strategy for integrating digital assets into national development plans. The pledge emphasizes institutional participation, transparent regulatory structures and the use of digital asset tools to support economic diversification and financial inclusion.
Bhutan has already captured attention in the digital asset world by channeling excess hydropower into environmentally powered Bitcoin mining. This approach aligns with the country’s sustainability goals while offering a way to diversify away from traditional sectors, generate new jobs and create incentives for young professionals to pursue technology‑driven careers at home rather than abroad.
For Bitget, the Bhutan move fits into a broader pattern: in recent weeks, the exchange has taken a differentiated approach to regulation across markets, withdrawing from some jurisdictions while deepening its engagement in others. Rather than pursuing a one‑size‑fits‑all model, the company is increasingly tailoring its strategy to local rules, supervisory expectations and long‑term business potential.
In contrast to its expansion in Bhutan, Bitget recently decided to exit Japan instead of seeking domestic authorization. Earlier this month, the company disclosed that it would cease providing services to Japanese residents. New account registrations have already been halted, and account restrictions are scheduled to begin on November 1. Any positions still open on December 31 are set to be closed automatically.
That retreat follows repeated notices from Japan’s Financial Services Agency in 2023 and 2024, which warned that Bitget was operating without proper registration. In June 2025, the Kanto Local Finance Bureau also issued a warning to BTG Technology Holdings Limited, identifying it as using the Bitget brand while allegedly soliciting certain online derivatives trades without the required authorization. The Japan case underscores the risks for exchanges that do not closely align their operations with local regulatory demands.
Beyond Japan, however, Bitget has continued to secure registrations in markets where it plans to maintain a long‑term, regulated presence. In July, the exchange completed registration on New Zealand’s Financial Service Providers Register across five categories: foreign exchange services, custody of client assets, domestic and cross‑border money transfers, portfolio management, and execution of financial products. It also became a member of New Zealand’s Insurance and Financial Services Ombudsman dispute resolution scheme, providing a formal channel for handling customer complaints.
Even in New Zealand, regulators have been explicit that entry on the Financial Service Providers Register does not equate to full government endorsement or active prudential supervision. Depending on the financial activities involved, firms can still be required to obtain additional permissions from bodies such as the Financial Markets Authority or the central bank. For Bitget, this means registration is a starting point rather than the final step in its regulatory journey.
The Bhutan initiative signals how crypto exchanges are increasingly looking for jurisdictions that combine clear rules with openness to innovation. By tying licenses to a dedicated virtual asset framework, Gelephu aims to avoid the regulatory ambiguity that has complicated crypto policy in many countries. For Bitget, operating under a well‑defined regime can reduce compliance uncertainty and support long‑term investment in infrastructure and staff.
A key differentiator for Bhutan is its reliance on renewable energy. Hydropower‑driven mining and data center operations can be attractive for crypto firms that face rising scrutiny over energy use and environmental impact. If Bitget and other players choose to build infrastructure in GMC, they may find it easier to align with emerging global expectations around sustainable digital finance.
The focus on talent development is also central to the GMC strategy. By encouraging exchanges and other financial institutions to hire and train local professionals, the city aims to create a pipeline of specialists in areas such as blockchain engineering, risk management, compliance, cybersecurity and digital product development. This approach positions Bhutan not only as a host for crypto infrastructure, but as a source of skilled human capital for the broader digital economy.
As the virtual asset ecosystem in Gelephu evolves, collaboration between regulators and industry participants is likely to shape standards that could influence other small but ambitious financial centers. Joint workstreams on licensing procedures, know‑your‑customer and anti‑money‑laundering controls, consumer protection and market integrity can produce templates that are replicable elsewhere.
For Bitget, aligning with that process offers both responsibilities and advantages. The exchange will need to adapt its internal controls, reporting systems and governance to meet GMC’s specific expectations. At the same time, early engagement in shaping those frameworks can help ensure that rules are practical, technologically informed and supportive of innovation while still preserving financial stability.
The contrasting decisions in Bhutan, Japan and New Zealand illustrate how global exchanges are being pushed to adopt increasingly nuanced regulatory strategies. Markets that provide clarity, predictable oversight and a constructive stance on digital assets are becoming magnets for long‑term investment. Jurisdictions with fragmented or restrictive frameworks are more likely to see firms either limit their offerings or exit altogether.
As Gelephu Mindfulness City develops into a fully fledged Special Administrative Region, its success in attracting and supervising players like Bitget will serve as a test of whether tightly regulated, sustainability‑focused crypto hubs can become competitive alternatives to traditional financial centers. For now, Bitget’s commitment to seek licensing and build local operations suggests the company sees Bhutan as a strategic bet in the next phase of its global expansion.