BTSE Bhutan has moved closer to securing a licence for digital asset trading and custody services in Gelephu Mindfulness City.
The company has received in-principle approval from the Gelephu Financial Services Office to obtain a Financial Services Licence.
The approval is not a final licence and does not allow BTSE Bhutan to begin regulated activities yet.
The company must first meet the remaining conditions set by the regulator.
If granted, the licence will allow the company to operate a multilateral trading facility for virtual assets and provide institutional-grade custody services.
Gelephu Mindfulness City is a purpose-built Special Administrative Region in Bhutan focused on sustainable, long-term economic development.
BTSE Bhutan also plans to build a local team in Bhutan, including hiring local talent to support its operations.
Yew Chong Quak, CEO of BTSE Bhutan, said,
“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.”
BTSE Bhutan will work with the Gelephu Financial Services Office over the coming months to satisfy the pre-conditions required for the final licence.
Featured image: Edited by Fintech News Singapore, based on images by pablographix and fernandocortesde via Magnific