OxPay clinches licence in Bhutan, will launch crypto B2B payments

It is setting up a subsidiary in Gelephu Mindfulness City.

OxPay Financial Limited has expanded into crypto payments in Bhutan, with planned services aimed for businesses.

The company recently secured in-principle approval to provide money services in Bhutan’s Gelephu Mindfulness City (GMC). OxPay is establishing a new, wholly-owned subsidiary in GMC.

Core offerings planned include merchant payment services that enable businesses to accept payments in the form of credit card, e-wallets, and crypto currencies from a global customer base without ever being exposed to price volatility, OxPay said.

It will also have remittance services that cater to business-to-business (B2B) payment cases by making use of stablecoins for cross-border transfers.

The subsidiary will operate on a fully non-custodial business model, said OxPay. This means that it will act solely as the initiator of crypto conversion and transfer. All cryptocurrency transactions will be executed by the subsidiary’s blockchain partners on a transaction-by-transaction basis.