DK Bank, Bhutan's fully digital bank, announced on Thursday that it has received preliminary regulatory approval to establish a financial services presence in Abu Dhabi, United Arab Emirates. The Financial Services Regulatory Authority (FSRA) granted the in-principle approval on October 8, according to a disclosure shared with Bitcoin.com News.
The development positions Bhutan's Gelephu Mindfulness City (GMC), a special administrative zone, to forge stronger ties with global financial institutions and investors. DK Bank describes Abu Dhabi as "a key part of DK's international strategy, providing a gateway between the Middle East, Asia, and other global markets."
Path to Final Approval
DK Bank still requires final regulatory authorization from the FSRA before it can offer its intended services. Once approved, the bank plans to establish a subsidiary within Abu Dhabi Global Market (ADGM) that would provide brokerage, asset custody, payment processing, and financial advisory services.
DK Chairperson Gelay Jamtsho said in a statement: "This is a milestone for DK and for Bhutan. Once final approval is received, Abu Dhabi will give DK a regulated international base connecting Gelephu Mindfulness City with global capital, investors, and financial institutions."
Bhutan's Financial Strategy
DK Bank serves as the financial backbone of Gelephu Mindfulness City, which is envisioned as a global center for innovation, digital assets, and sustainable development. In 2025, the bank partnered with Binance Pay to introduce cryptocurrency-powered, cashless payments for international tourists visiting Bhutan.
By establishing operations in Abu Dhabi, DK Bank aims to simplify how foreign investors channel capital into Bhutan and conduct business across international borders. DK Group CEO Zheng Yudong stated that ADGM "will be an important part of that network and of DK's next phase of international growth."
Bitcoin Holdings
Bhutan is one of the few nation-states worldwide to hold bitcoin on its balance sheet. The state-run Druk Holdings currently holds approximately 518.38 BTC. The country held more than 13,000 BTC in 2024 and started 2026 with less than 7,000 BTC. Funds from bitcoin sales support public service payments, health and wellness initiatives, and GMC development.
