Cryptocurrency exchange Bitget has signed an agreement with the Gelephu Mindfulness City (GMC) Authority in Bhutan to explore establishing a licensed local operation, marking the latest step in the country's push to develop its digital asset sector.

Under the agreement, Bitget could establish a legal presence within GMC and prepare an application for a relevant financial services license. GMC is a planned $100 billion autonomous economic zone designed to attract investment and create high-value employment across finance, technology, and wellness. The zone is partially backed by Bhutan's national Bitcoin reserves.

Bhutan has been one of the few sovereign states to actively hold and mine Bitcoin as part of its national reserves, a strategy that has drawn international attention to the Himalayan kingdom's approach to digital assets. State-owned Druk Holding and Investments (DHI), the Royal Government's commercial arm, oversees mining operations that leverage Bhutan's abundant hydroelectric capacity, giving the country a renewable-energy advantage that has factored into broader discussions around sustainable Bitcoin mining.

"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 of Bitget.

Bitget, founded in 2018, is a global cryptocurrency derivatives and spot trading exchange headquartered in Dubai. The platform serves millions of users worldwide and has been expanding its international footprint through regulatory partnerships and licensing efforts across multiple jurisdictions, reflecting a wider industry trend of exchanges pursuing licensed operations in emerging markets with favorable regulatory frameworks.

The agreement with Bitget follows another recent milestone for GMC. Last week, the authority appointed Canadian digital-asset manager 3iQ to manage a mandate backed by part of its Bitcoin treasury. 3iQ, one of Canada's largest digital asset investment fund managers, will oversee an undisclosed portion of the Bitcoin allocated to support Gelephu's development.

As part of that partnership, 3iQ will also establish a long-term presence in the city, invest in local talent, and provide training and knowledge transfer to support the growth of Bhutan's digital finance ecosystem. The back-to-back agreements with 3iQ and Bitget signal accelerating momentum for GMC's development as Bhutan positions itself within the competitive landscape of jurisdictions seeking to attract blockchain and digital-asset businesses.