BTSE Bhutan said it has received a Financial Services License from the Gelephu Financial Services Office, the regulator for the Gelephu Mindfulness City Special Administrative Region in Bhutan. The approval allows the company to run a venue for virtual asset trading and to offer custody services for stored digital assets under the local regulatory framework.
The company said the license follows an In-Principle Approval granted in April 2026 and confirms that it has met the regulator’s stated pre-conditions. BTSE Bhutan now plans a phased rollout, beginning with limited spot trading before expanding its product set.
What the license covers
According to BTSE Bhutan, the Financial Services License authorizes two regulated activities. The first is operating a multilateral trading facility for the exchange of virtual assets, and the second is providing institutional-grade custody services for safeguarding and storage.
With the license in force, the company said it can operate as a regulated trading and custody venue within the Gelephu Financial Services Office framework. It also said all client assets will be held under its licensed custody arrangements in line with the regulator’s requirements.
Initial launch plan
BTSE Bhutan said user onboarding will begin in the coming weeks. At launch, spot trading is set to start with two pairs only: BTC/USDT and ETH/USDT.
The company said additional crypto trading pairs would be introduced in later phases, subject to its listing framework and regulatory requirements. Fiat on-ramp and off-ramp services are planned for a later stage, which BTSE Bhutan said would allow users to move between US dollars and virtual assets directly through the platform.
From in-principle approval to full authorization
The license marks the next step after the In-Principle Approval that BTSE Bhutan received in April 2026. The company said the latest approval confirms that all conditions attached to that earlier decision have been satisfied.
In a statement, CEO Yew Chong Quak described the license as a milestone for the company’s plan to launch its retail trading platform globally. He said BTSE Bhutan’s immediate focus is to launch Bitcoin and Ethereum trading services first, then expand gradually while maintaining compliance and security standards.
Local buildout in Gelephu
BTSE Bhutan said that since receiving in-principle approval, it has appointed key personnel to oversee core operations and has been building its presence in Gelephu. The company also said it plans to establish a local office in line with its commitments.
Over time, BTSE Bhutan said it intends to expand its team and hire local talent to support its operations in Bhutan. The next confirmed step is the start of user onboarding in the coming weeks, followed by the initial rollout of BTC/USDT and ETH/USDT spot trading.
Source: dailyhodl.com