Bitget Pursues Financial Services License in Gelephu, Bhutan
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Bitget is advancing the establishment of a local entity and the application for a financial services license in Gelephu Mindfulness City (GMC), Bhutan. Bitget has signed a cooperation agreement with the Gelephu Mindfulness City Authority (GMCA) to create a framework for establishing a legal entity within GMC. The company plans to apply for relevant financial services licenses under the regulatory framework of the Gelephu Financial Services Office (GFSO). The CEO of Bitget mentioned that Bhutan is embracing digital assets and stated that the company will contribute its exchange operation experience, infrastructure knowledge, and local talent development. Currently, Bitget has confirmed its cooperation agreement with GMCA, the push for establishing a local entity, and plans to apply for a license under GFSO's jurisdiction. GMC is a special administrative region being developed in southern Bhutan to attract international finance and the digital asset industry. GFSO is an independent regulatory body overseeing financial services within GMC, and companies must obtain a financial services license from GFSO. The licensing process will be conducted in stages, and the principle approval does not grant a license to operate. Bitget's GMC project must pass through GFSO's review, principle approval, local entity establishment, and regulatory capital contributions to obtain the final license.
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