BTSE Exchange Pte Ltd, operating as BTSE Bhutan, has been granted a Financial Services License by the Gelephu Financial Services Office, the regulator of Bhutan’s Gelephu Mindfulness City special administrative region, the company announced on Sept. 29. The license follows the in-principle approval BTSE received in April and confirms that it has met all of the regulator’s pre-conditions.

The license covers two regulated activities: operating a multilateral trading facility for virtual assets, and providing institutional custody for virtual assets. BTSE was the first exchange to receive in-principle approval under the GMC framework.

The rollout will be phased. BTSE Bhutan plans to begin onboarding users in the coming weeks, starting…