Gelephu, Bhutan, May 14th, 2026, Chainwire
BTSE Bhutan today announced that it has formally received an In-Principle Approval (IPA) from the Gelephu Financial Services Office (GFSO) in Gelephu Mindfulness City (GMC) to obtain a Financial Services License (FSL).
Upon the successful fulfillment of final regulatory conditions, the anticipated Financial Services License will permit BTSE Bhutan to carry out two primary regulated activities: operating a multilateral trading facility to establish a secure platform for the exchange of virtual assets, and providing institutional-grade custody solutions for the safeguarding and storage of virtual assets. This dual authorization positions BTSE Bhutan as a regulated venue for both active trading and secure asset holding within the Gelephu Financial Services Office (GFSO) framework.
GMC is Bhutan’s purpose-built Special Administrative Region focused on sustainable, long-term economic development. This development represents a significant step in BTSE Bhutan’s aims to contribute to GMC's vision of creating an innovative, secure, and forward-thinking virtual assets hub. BTSE Bhutan also plans to build an on-the-ground team in Bhutan, including hiring local talent to support its growing operations and long-term business activities within GMC.
"We are deeply honored to receive this in-principle approval from the Gelephu Financial Services Office," said Yew Chong Quak, CEO of BTSE Bhutan. "Our sole focus is on building a robust, fully compliant virtual asset ecosystem here in Bhutan. We are committed to developing a trading and custody platform that serves the unique needs of the Gelephu Mindfulness City, while adhering to the highest standards of regulatory compliance and operational security."
Over the coming months, BTSE Bhutan will work closely with the Gelpehu Financial Services Office to satisfy all stipulated pre-conditions.
Note: This In Principle Approval (IPA) represents a preliminary regulatory milestone. It should not be construed as the issuance of an actual Financial Services License (FSL) allowing BTSE Bhutan to commence regulated activities at this time. The final issuance of the FSL remains subject to the company successfully meeting all pre-conditions to the complete satisfaction of the GFSO.
About BTSE Bhutan
BTSE Bhutan is an entity operating within the Gelephu Mindfulness City (GMC) special administrative region in Bhutan. The company aims to provide secure, compliant, and institutionally robust trading and custody services for virtual assets. Upon receipt of its final Financial Services License, BTSE Bhutan will operate a regulated multilateral trading facility alongside institutional-grade virtual asset custody infrastructure.
About Gelephu Mindfulness City
The Gelephu Mindfulness City Special Administrative Region is a visionary initiative creating a world-class economic hub in southern Bhutan, centered on mindfulness, sustainability, and innovation. The SAR integrates traditional Bhutanese values with globally recognized legal frameworks, cutting-edge design and technology, while harnessing the Kingdom’s abundant renewable energy resources to serve as a global exemplar of holistic development.
For more information, visit www.gmc.bt or contact [email protected]
Investment inquiries: [email protected]
Contact
Director of Public Relations & Communications
Ker Zheng
BTSE
[email protected]