BTSE Secures Full License to Run Crypto Exchange, Custody in Bhutan

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 with spot trading in the BTC/USDT and ETH/USDT pairs. Further pairs will be added subject to the platform's listing framework and regulatory requirements, and fiat on- and off-ramps between US dollars and virtual assets are planned for a later stage. All client assets will be held under the company's licensed custody arrangements.

"Receiving our Financial Services License is a major milestone as we plan to launch our retail trading platform globally," said Yew Chong Quak, chief executive of BTSE Bhutan. "Our priority now is to launch Bitcoin and Ethereum trading services, expanding our offerings step by step."