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Bitget seeks regulated Bhutan presence through Gelephu Mindfulness City deal

The agreement would allow Bitget to pursue a licensed local operation in Gelephu Mindfulness City, including preparing an application for a financial services license.

Reported · Written up by our desk · Regulation

Crypto exchange Bitget has signed an agreement with Bhutan’s Gelephu Mindfulness City Authority to explore establishing a licensed local operation, as it looks to expand into the country’s developing digital asset sector, according to Cointelegraph.

The deal is designed to help Bitget secure a legal presence in Gelephu Mindfulness City, and the company says it would use the agreement to prepare an application for a relevant financial services license for the GMC area.

Gelephu Mindfulness City is described as a $100 billion autonomous economic zone supported in part by Bhutan’s national Bitcoin reserves, with ambitions to create roles across finance, tech and wellness.

Cointelegraph also notes that GMC recently appointed Canadian digital asset manager 3iQ to manage a mandate backed by part of its Bitcoin treasury, with 3iQ tasked with managing an undisclosed portion of the Bitcoin allocated to support Gelephu’s development.

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