Bhutan's DK Bank Wins Preliminary ADGM Approval for Abu Dhabi Expansion

DK Bank, Bhutan's fully digital bank, has received in-principle approval from Abu Dhabi Global Market to establish a regulated financial services presence there, the bank said on October 8. The approval is not final: DK must meet the conditions set out in the in-principle approval before it receives a Financial Services Permission and can operate in ADGM. Bitcoin.com News reported that DK still needs that final regulatory approval before it can offer custody, brokerage and payment services in Abu Dhabi. Zheng Yudong, Group Chief Executive Officer of DK, described Abu Dhabi as part of infrastructure connecting Asian and Middle Eastern markets, and Chairperson Gelay Jamtsho called the step a milestone for DK and Bhutan. Only Bitcoin.com News reported the figure of roughly 518 BTC in Bhutan's holdings and that DK aims to attract more foreign investment into Gelephu Mindfulness City; Crypto News did not mention either point. Crypto News reported an April 2025 memorandum of understanding between the Gelephu Financial Services Office and the ADGM Financial Services Regulatory Authority, covering regulatory cooperation and information exchange. It is unclear when final approval will come, and neither outlet described the conditions DK must satisfy.