BTSE Bhutan, a company providing trading and custody services for virtual assets, has received in-principle approval from the Gelephu Financial Services Office to obtain a Financial Services License in Gelephu Mindfulness City (GMC), marking an important step in Bhutan’s efforts to develop as a regional hub for digital finance and innovation.
The approval allows BTSE Bhutan to move forward with preparations to operate regulated virtual asset services in the special administrative region, subject to the completion of final regulatory requirements and compliance procedures.
In a statement issued on Thursday, the company said the proposed license would enable it to operate a multilateral trading facility for virtual asset trading while also offering custody services for the safe storage and protection of digital assets. The company stated that its services would be developed in line with regulatory, security, and compliance standards required by Bhutanese authorities.
BTSE Bhutan said the approval reflects Gelephu Mindfulness City’s broader vision of positioning itself as an emerging centre for digital assets, financial technology, and innovation-driven economic development. The company also announced plans to establish a local operational team in Bhutan and recruit Bhutanese employees to support its future activities in the country.
Chief Executive Officer of BTSE Bhutan, Yew Chong Quak, said the company aims to help build a secure and compliant virtual asset ecosystem in Bhutan by providing regulated trading and custody solutions while maintaining high standards of transparency, governance, and cybersecurity.
The company further stated that it will continue working closely with the Gelephu Financial Services Office over the coming months to meet all remaining conditions necessary for final approval of the license.
The development comes as Gelephu Mindfulness City continues to explore new sectors such as financial technology, blockchain services, and digital assets as part of its long-term economic strategy to attract international investment and innovation.
