Cryptocurrency exchange Bitget has signed an agreement with the Gelephu Mindfulness City (GMC) Authority to explore establishing a licensed local operation in Bhutan, as the company seeks a foothold in the country's growing 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 within GMC. The project is a $100 billion autonomous economic zone backed in part by Bhutan's national Bitcoin reserves and aims to create high-value roles across finance, technology, and wellness. First announced by Bhutan's King Jigme Khesar Namgyel Wangchuck in late 2024, GMC is envisioned as a special administrative region with its own governance and economic policies, designed to attract foreign investment and position Bhutan as a participant in emerging digital-economy sectors.

"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, ranked among the world's larger cryptocurrency exchanges by trading volume, has been expanding its global licensed operations across multiple jurisdictions as competition among exchanges intensifies for regulated access to new markets.

The news follows GMC's recent appointment of Canadian digital-asset manager 3iQ to manage a mandate backed by a portion of its Bitcoin treasury. Under that partnership, 3iQ will oversee an undisclosed share of the Bitcoin allocated to support Gelephu's development. The firm also plans to establish a long-term presence in the city, invest in local talent, and provide ongoing training and knowledge transfer.

Bhutan has been steadily expanding its engagement with digital assets, leveraging its national cryptocurrency holdings to support the development of GMC as a hub for innovation in digital finance and related industries. The country has been mining Bitcoin through its state investment arm, Druk Holding and Investments, using surplus hydroelectric power, making it one of the few sovereign nations to hold significant Bitcoin reserves accumulated through direct mining operations.