BTSE Bhutan, a provider of trading and custody services for virtual asset, has received in-principle approval from the Gelephu Financial Services Office to obtain a Financial Services License in Gelephu Mindfulness City.

The approval marks an initial step toward allowing BTSE Bhutan to operate regulated virtual asset services in the Gelephu Mindfulness City (GMC) special administrative region region of Bhutan, pending the completion of final regulatory requirements.

In a statement on Thursday, BTSE Bhutan said the license would allow it to operate a multilateral trading facility for virtual asset trading and provide custody services for the storage and safeguarding of virtual assets.

BTSE Bhutan said the approval aligns with Gelephu Mindfulness City’s goal of developing as a hub for digital asset and financial innovation. The company also plans to establish a local team in Bhutan and hire local employees to support its operations.

Yew Chong Quak, CEO of BTSE Bhutan, said the company aims to build a compliant virtual asset ecosystem in Bhutan focused on trading and custody services while meeting regulatory and security standards.

The company said it will continue working with the Gelephu Financial Services Office in the coming months to fulfill the remaining conditions required for the final license approval.

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