Bitget Signs Agreement to Establish Licensed Operations in Bhutan's Gelephu Mindfulness City

On August 6, 2026, cryptocurrency exchange Bitget signed a cooperation agreement with the Gelephu Mindfulness City Authority to establish a legal presence and apply for a Financial Services Licence in Bhutan's Special Administrative Region. The initiative aligns with Bhutan's broader strategy to leverage its sovereign Bitcoin treasury, clean hydropower, and the Financial Services Act 2025 to build an international financial hub, diversify its economy, and retain young local talent.

Bitget GMC cooperation agreement

• ▪Under the cooperation agreement, Bitget plans to establish a physical office, hire local employees, and contribute to digital asset talent development in Gelephu Mindfulness City.
• ▪The cooperation agreement between Bitget and the Gelephu Mindfulness City Authority is subject to obtaining the required regulatory approvals.
• ▪On August 6, 2026, cryptocurrency exchange Bitget signed a cooperation agreement with the Gelephu Mindfulness City Authority in Bhutan to establish a local legal presence.

Financial services license application

• ▪The agreement establishes a framework for Bitget to prepare an application for a Financial Services Licence under the virtual asset framework of Gelephu Mindfulness City.
• ▪To obtain a full virtual asset license in Gelephu Mindfulness City, applicants must establish a local company, open a bank account, provide regulatory capital, secure office space, and hire key personnel.
• ▪The cooperation agreement itself does not authorize Bitget to operate an exchange from Gelephu Mindfulness City, as all regulated activities remain subject to regulatory approval.

Gelephu regulatory framework

• ▪The regulatory framework of Gelephu Mindfulness City initially draws on laws used by the Abu Dhabi Global Market, which is based on English common law.
• ▪Regulated financial services and virtual asset activities in Gelephu Mindfulness City are governed by the Financial Services Act 2025 and administered by the Gelephu Financial Services Office.
• ▪Gelephu Mindfulness City has introduced an accelerated licensing pathway for companies that are already licensed in established financial hubs such as Singapore, Hong Kong, and Abu Dhabi.

Bhutan Bitcoin mining strategy

• ▪Bhutan began mining Bitcoin in 2019 through state-owned Druk Holding and Investments, utilizing surplus electricity generated by the country's renewable hydropower system.
• ▪In December 2025, Bhutan announced a Bitcoin Development Pledge of up to 10,000 Bitcoin to support Gelephu Mindfulness City and long-term national economic development.
• ▪Bhutan's Bitcoin mining proceeds have been used to support government finances, including funding public-sector salary increases.

GMC international financial hub

• ▪The development of Gelephu Mindfulness City aims to diversify Bhutan's economy and address youth emigration, which saw over 10% of the young population leave between 2022 and 2023.
• ▪Gelephu Mindfulness City has partnered with other digital-asset firms, including Cumberland DRW for liquidity infrastructure and Matrixdock to launch a gold-backed token on the Solana network.
• ▪Gelephu Mindfulness City is a Special Administrative Region covering over 2,600 square kilometers in southern Bhutan, established by Royal Charter in December 2024.
• ▪Gelephu Mindfulness City appointed Canadian digital-asset manager 3iQ in August 2026 to manage an undisclosed portion of its Bitcoin treasury and develop investment infrastructure.