OxPay Gains Bhutan License for Stablecoin Payment Platform

OxPay Financial has secured a formal financial services license for its subsidiary, Oxygen7, marking a shift toward digital asset-integrated payment infrastructure in the Gelephu Mindfulness City special economic zone. The license, issued by the Gelephu Financial Services Office on April 29, follows an in-principle approval granted in November 2025. This regulatory milestone allows Oxygen7 to provide merchant payment services and business remittance capabilities within the zone, positioning the company to capture cross-border transaction flows in an emerging digital finance hub.

Operational Scope and Non-Custodial Architecture

The platform is designed to facilitate merchant acceptance of credit cards, e-wallets, and cryptocurrency payments. Crucially, the company intends to insulate merchants from crypto price volatility by utilizing a non-custodial, asset-light model. By leveraging an established crypto payment technology provider, Oxygen7 aims to mitigate the operational risks typically associated with holding digital assets on a balance sheet. The firm has appointed Peng Chun Hsien, a veteran with over 25 years of experience at Visa, Ant Group, and Citibank, to oversee the commercial rollout and lead the subsidiary.

This infrastructure is intended to serve tourism and hospitality operators within Gelephu, while also providing a stablecoin-based rail for businesses managing cross-border remittances. By using stablecoins as the underlying transfer mechanism, the company seeks to bypass the friction and costs inherent in traditional banking channels for international supplier payments. The firm cites TRM Labs data indicating that stablecoin transaction volumes in South Asia reached $300 billion in the first seven months of 2025, representing an 80% year-on-year increase. This growth trajectory underpins the strategic pivot toward digital asset rails as a primary revenue driver.