BTSE Bhutan Wins Full License for Digital Asset Trading in Gelephu

BTSE Bhutan has secured a Financial Services License from the Gelephu Financial Services Office, allowing it to conduct regulated digital asset activities in Gelephu Mindfulness City. The approval marks a shift from the company’s preliminary regulatory status earlier this year to an active license.

The GFSO’s official financial institutions directory lists BTSE Exchange Pte. Ltd. as active from July 24, 2026. The license covers two regulated activities: operating a multilateral trading facility and providing custody services for virtual assets.

Regulated Trading and Custody

The license gives BTSE Bhutan a framework to operate a regulated venue for digital asset trading while also providing institutional custody services. The company had previously received in-principle approval from the GFSO in May, subject to fulfilling regulatory conditions.

The GFSO says an in-principle approval does not allow a firm to begin regulated operations. Applicants must first satisfy conditions that can include regulatory capital, local incorporation, office arrangements and key personnel requirements.

The regulator’s directory now records BTSE Exchange Pte. Ltd. alongside other licensed financial firms operating within GMC.

Gelephu Builds Digital Asset Infrastructure

Gelephu Mindfulness City has established a dedicated financial services framework covering traditional finance and blockchain-based digital assets. The GFSO acts as the independent regulator for these activities within the special administrative region.

The framework operates under the Financial Services Act 2025 and related rulebooks. Firms handling virtual assets must also comply with additional virtual asset guidance issued under the regulatory framework.

BTSE’s license adds an exchange-focused business to GMC’s growing financial ecosystem. The development also follows the company’s earlier plan to establish an on-the-ground team in Bhutan and recruit local talent.

BTSE Bhutan can now operate under the specific permissions recorded by the GFSO. The company’s licensed activities are limited to those approved by the regulator, with ongoing compliance requirements applying to its operations.