Gelephu, Bhutan, May 14th, 2026 - BTSE Bhutan said it has been granted an In-Principle Approval, or IPA, by the Gelephu Financial Services Office (GFSO) within Gelephu Mindfulness City (GMC) as a step toward securing a Financial Services License (FSL).
The IPA confirms that, upon satisfying all regulatory pre-conditions, BTSE Bhutan would be eligible to operate two regulated activities under a future FSL. The first is the operation of a multilateral trading facility designed to provide a regulated venue for the exchange of virtual assets. The second is the provision of institutional-grade custody services for the safekeeping and storage of virtual assets.
Those dual authorizations would position BTSE Bhutan as a regulated counterparty for both active trading and custody within the GFSO framework, subject to the final issuance of the FSL. The company said it will take steps to meet the GFSO's stipulated pre-conditions over the coming months.
Local presence and staffing
BTSE Bhutan indicated it intends to establish an on-the-ground presence in Gelephu Mindfulness City, including hiring local talent to support its operations and long-term business activities within the special administrative region. The company framed this as part of its long-term commitment to develop a compliant virtual assets ecosystem in GMC.
Gelephu Mindfulness City is described as a purpose-built Special Administrative Region in southern Bhutan focused on sustainable economic development, innovation, and integration of traditional Bhutanese values with modern legal frameworks and technology. The SAR emphasizes sustainability and the use of the Kingdom's renewable energy resources as part of its planning.
Leadership comment
Yew Chong Quak, CEO of BTSE Bhutan, commented on the IPA in a company statement: "We are deeply honored to receive this in-principle approval from the Gelephu Financial Services Office. 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."
The company reiterated that the IPA is a preliminary regulatory milestone and not the issuance of a final Financial Services License. Final authorization to commence regulated activities will depend on BTSE Bhutan meeting all pre-conditions to the satisfaction of the GFSO.
Corporate background and next steps
BTSE Bhutan is an entity operating within Gelephu Mindfulness City's special administrative region. The firm has stated its objective of offering secure, compliant, and institutionally oriented trading and custody services for virtual assets. If the FSL is ultimately granted, BTSE Bhutan would run a regulated multilateral trading facility together with institutional-grade custody infrastructure.
In the near term, the company will work directly with the GFSO to address outstanding regulatory requirements. Until the FSL is issued, BTSE Bhutan does not hold authorization to commence the regulated activities that the license would permit.
Contact and further information
For more information on Gelephu Mindfulness City, the SAR provides a website and contact channels: www.gmc.bt and [email protected]. Investment inquiries are directed to [email protected]. BTSE media contact is listed as [email protected]. The company also provided Ker Zheng as Director of Public Relations & Communications and a general contact at BTSE.
This report reflects the information released by BTSE Bhutan and the Gelephu Mindfulness City administration related to the In-Principle Approval and the prospective Financial Services License.