BTSE Exchange Pte Ltd (“BTSE Bhutan”) today announced that it has been granted a Financial Services License (FSL) by the Gelephu Financial Services Office (GFSO), the financial regulator of the Gelephu Mindfulness City (GMC) Special Administrative Region.
The license follows the In-Principle Approval that BTSE Bhutan received in April 2026 and confirms that the company has satisfied all pre-conditions stipulated by the GFSO.
The FSL authorizes BTSE Bhutan to carry out two regulated activities: operating a multilateral trading facility for the exchange of virtual assets, and providing institutional-grade custody services for the safeguarding and storage of virtual assets. With the license now in effect, BTSE Bhutan becomes a fully regulated venue for both trading and custody services within the GFSO framework.
Phased launch of trading services
BTSE Bhutan will begin onboarding users in the coming weeks, with spot trading services launching initially for the BTC/USDT and ETH/USDT trading pairs. More crypto trading pairs will be introduced in subsequent phases, subject to the platform’s listing framework and regulatory requirements. Fiat on-ramp and off-ramp services are planned for a later stage of the rollout, enabling users to move between US dollars and virtual assets directly through the platform.
All client assets will be held under the company’s licensed custody arrangements, in line with GFSO requirements.
“Receiving our Financial Services License is a major milestone as we plan to launch our retail trading platform globally,” said Yew Chong Quak, CEO of BTSE Bhutan. “We are grateful to the Gelephu Financial Services Office for the rigor and clarity of its process. Our priority now is to launch Bitcoin and Ethereum trading services, expanding our offerings step by step, and holding ourselves to the highest standards of compliance and security as we build a virtual asset ecosystem that GMC can be proud of.”
Building in Bhutan
Since receiving its In-Principle Approval, BTSE Bhutan has appointed key personnel to oversee core operations and is currently building out its presence in Gelephu, with plans to establish a local office in line with its commitments. The company will continue to grow its team and hire local talent to support its presence in Bhutan over time.
About BTSE Bhutan
BTSE Bhutan is a licensed virtual asset service provider operating within the Gelephu Mindfulness City (GMC) Special Administrative Region in Bhutan. Regulated by the Gelephu Financial Services Office, the company operates a multilateral trading facility alongside institutional-grade virtual asset custody infrastructure, providing secure, compliant trading and custody services for virtual assets.
For more information, visit www.btse.bt
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