Crypto exchange Bitget has signed an agreement with Gelephu Mindfulness City Authority to pursue a regulated local presence.
Bitget has signed an agreement with Bhutan’s Gelephu Mindfulness City Authority to explore establishing a licensed local operation, as the crypto exchange seeks a foothold in the country’s developing digital asset sector.
The agreement could pave the way for Bitget to establish a legal presence and prepare its application for a relevant financial services license in GMC, a $100 billion autonomous economic zone backed in part by Bhutan’s national Bitcoin reserves that aims to create high-value roles in finance, tech and wellness.
“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,” said Gracy Chen, CEO at Bitget.
Last week, GMC appointed Canadian digital-asset manager 3iQ to manage a mandate backed by part of its Bitcoin treasury.
Under the partnership, 3iQ will manage an undisclosed portion of the Bitcoin allocated to support Gelephu’s development. The company will also establish a long-term presence in the city, invest in local talent and provide training and knowledge transfer.
Related: Bhutan’s Gelephu taps 3iQ to manage part of Bitcoin treasury
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