[PRESS RELEASE – Gelephu, Bhutan, May 14th, 2026]
BTSE Bhutan today announced it has received In-Principle Approval (IPA) from the Gelephu Financial Services Office (GFSO) in Gelephu Mindfulness City (GMC) to pursue a Financial Services License (FSL).
Once BTSE Bhutan satisfies the remaining regulatory conditions, the expected Financial Services License will authorize two primary regulated activities: operating a multilateral trading facility to provide a secure platform for virtual asset exchange, and offering institutional-grade custody services to safeguard and store virtual assets. This combined authorization will enable BTSE Bhutan to function as a regulated venue for both active trading and secure asset custody under the GFSO framework.
Gelephu Mindfulness City is Bhutan’s purpose-built Special Administrative Region focused on sustainable, long-term economic development. This milestone advances BTSE Bhutan’s goal of supporting GMC’s vision to build an innovative, secure, and forward-looking virtual asset hub. BTSE Bhutan also plans to establish a local presence in Bhutan, including hiring local staff to support its operations and long-term 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 priority is to build a robust, fully compliant virtual asset ecosystem in Bhutan. We are committed to developing trading and custody services that meet the unique needs of Gelephu Mindfulness City while upholding the highest standards of regulatory compliance and operational security.”
Over the coming months, BTSE Bhutan will work closely with the Gelephu Financial Services Office to satisfy all stipulated pre-conditions.
Note: This In-Principle Approval (IPA) is a preliminary regulatory milestone and does not constitute issuance of a Financial Services License (FSL). BTSE Bhutan may not commence regulated activities until the GFSO is fully satisfied that all pre-conditions have been met and the final FSL is granted.
About BTSE Bhutan
BTSE Bhutan operates within the Gelephu Mindfulness City special administrative region in Bhutan. The company’s mission is to provide secure, compliant, and institutionally robust trading and custody services for virtual assets. Following receipt of a 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 strategic initiative to create a world-class economic hub in southern Bhutan focused on mindfulness, sustainability, and innovation. The SAR blends traditional Bhutanese values with internationally recognized legal frameworks, advanced design and technology, and abundant renewable energy resources to serve as a model of balanced, holistic development.
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