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BTC Bitget has signed an agreement with the Grupp Mindful City Authority in Bhutan to establish a local compliance operation agency. The cryptocurrency exchange is seeking to gain a foothold in Bhutan's fast-growing digital asset sector.
The agreement paves the way for Bitget to establish a legal entity in Grupp Mindful City (GMC) and apply for a relevant financial services license. The GMC is a US$100 billion free trade zone, backed in part by Bhutan's national Bitcoin reserves, and aims to create high-value jobs in finance, technology and health.
"GMC is an emerging hot spot for digital finance. As this ecosystem grows, Bitget looks forward to contributing exchange experience, infrastructure knowledge and local talent development," said Gracy Chen, CEO of Bitget.
Last week, the GMC appointed Canadian digital asset management company 3iQ to manage some Bitcoin treasury assets. According to the cooperation agreement, 3iQ will manage and allocate some of the bitcoins (the specific amount was not disclosed) to support Grupp's development. The company will also be based in Grupp for a long time, invest in local talent, and provide training and knowledge transfer.
