Bitget, to Establish Exchange in Bhutan, a Nation Holding Bitcoin?

▲ Source: Bitget X

Bitget is pushing to enter Bhutan's $100 billion special economic zone, aiming to capture the local digital asset market that is growing based on the nation's Bitcoin reserves. However, this agreement is not for formal business commencement but rather a stage to review the possibility of establishing a local entity and applying for a financial services license.

According to investment media FXStreet on August 7 (local time), Bitget signed an agreement with the Gelephu Mindfulness City Authority in Bhutan to explore the establishment of a locally licensed operator. If this agreement materializes, Bitget could establish a legal base in Gelephu Mindfulness City (GMC) and apply for relevant financial services licenses.

GMC is a $100 billion autonomous special economic zone being promoted partly based on Bhutan's national Bitcoin (BTC) reserves. It aims to create high-value jobs in finance, technology, and wellness sectors. Gracy Chen, CEO of Bitget, stated that GMC is emerging as a new hub for digital finance, and Bitget will contribute to the ecosystem's growth through its exchange operating experience, infrastructure knowledge, and local talent development.

GMC previously selected Canadian digital asset manager 3iQ as the operator for a portion of its Bitcoin treasury. The scale of the operation was not disclosed. 3iQ plans to manage a portion of the Bitcoins allocated to support Gelephu's development, while also establishing a long-term presence locally and promoting talent investment, education, and knowledge transfer.

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