Crypto exchange Bitget is targeting new expansion in South Asia. The company announced it has signed an official agreement with the authorities of Gelephu Mindfulness City (GMC) in Bhutan. The deal serves as a preliminary exploration for Bitget to establish fully licensed business operations there. Through this document, the path for Bitget to apply for a financial services license in GMC’s jurisdiction is increasingly open.
GMC is not built like a typical administrative region. The area operates as an autonomous economic zone with projected investments reaching $100 billion. The foundation of this project is considered bold as its funding is partially backed by the national Bitcoin reserves of the Bhutanese government. The development goal of the zone is clear: GMC authorities want to create a hub for high-value employment in finance, technology, and healthcare.
Bitget’s entry is an effort to capture opportunities in the early phases of the project. Bitget CEO Gracy Chen evaluates GMC as having strong appeal. “GMC is an emerging digital finance hotbed,” Chen said. She mentioned that her company intends to contribute through three main avenues: long-standing experience in managing crypto exchanges, knowledge in digital infrastructure, and developing local talent in Bhutan.
Following the Move of Canadian Asset Manager 3iQ
Bitget’s move to explore this region comes closely following the entry of another institutional player. Last week, GMC authorities officially appointed Canadian digital asset manager 3iQ. The management firm received an operational mandate that is also partially backed by Bhutan’s Bitcoin reserves.
3iQ’s main task focuses on managing state assets. The asset manager is trusted to manage the allocation of Bitcoin specifically dedicated to supporting the development costs of Gelephu. So far, the relevant authorities have not specified the exact amount of assets under 3iQ’s management. 3iQ’s pattern of movement aligns with Bitget’s plans - 3iQ has also confirmed it will establish a long-term presence in the city.
Turning Crypto Reserves into a Physical City
GMC’s maneuver in attracting 3iQ and Bitget demonstrates how the economy works in this new autonomous zone. Instead of letting its national Bitcoin reserves sit passively, Bhutan is using them to build economic credibility and invite international financial entities into its borders.
While 3iQ enters from the asset management side to support the region’s development costs, Bitget’s licensing plans prepare to fill the gap in daily transaction services. These initial agreements serve as proof for Bhutan - testing how far a $100 billion self-sustaining city plan can be built from a nation’s crypto reserves. As reported by Cointelegraph.
Also read: How to Read Candlesticks for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
