Bitget Seeks Entry Into Bhutan’s Gelephu Economic Zone, Signs Deal on Crypto License

Crypto exchange Bitget is seeking to enter Bhutan’s Gelephu Mindfulness City, or GMC.

Bitget signed an agreement with GMC authorities to explore obtaining a local digital-asset license and setting up a local entity there, Cointelegraph reported on August 7.

GMC is an autonomous economic zone under development in Bhutan. The project aims to create high-value jobs focused on finance, technology and wellness. It is also using part of the Bhutanese government’s Bitcoin holdings to fund the development, which is reported to be valued at about $100 billion.

“GMC is emerging as a new hub for digital finance,” Bitget Chief Executive Officer Gracy Chen said. Bitget hopes to draw on its exchange operating experience and infrastructure expertise to support growth in the local ecosystem and help cultivate talent, she added.

GMC has also stepped up its expansion into digital-asset businesses. Last week, it selected Canadian digital-asset manager 3iQ to oversee part of its Bitcoin treasury holdings.

3iQ plans to manage some of the Bitcoin allocated for Gelephu’s development. It also plans to establish a long-term local presence and support talent development and technology transfer.