Bhutan's DK Bank clears the first of two Abu Dhabi licensing steps

DK's executives describe the Abu Dhabi base in the conditional. "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," Chairperson Gelay Jamtsho told Bitcoin.com News ^[7]. Group CEO Zheng Yudong said the in-principle approval "gives us a clear path towards establishing DK's presence in one of the world's leading international financial centres" ^[4]. The bank did not say what the outstanding conditions are, when it expects the final licence, or how much money it expects the subsidiary to handle.

DK already works inside the zone it wants investors to reach. Bitcoin.com News describes it as the financial backbone of GMC, the zone envisioned by Bhutan's king ^[11]. In 2025 DK worked with Binance Pay to offer crypto-based cashless payments to international tourists ^[12]. In its disclosure, DK called Abu Dhabi "a key part of DK's international strategy, providing a gateway between the Middle East, Asia, and other global markets" ^[9].

The cash reason for a Gulf base is on Bhutan's own books. Druk Holdings' 518.38 BTC is more than 96% below the 13,000-plus coins Bhutan held in 2024 ^[15][16][18]. Against the slightly under 7,000 it started 2026 with, the holding has dropped by more than 6,000 coins this year, over nine-tenths of the opening balance ^[19]. In my view the shrinking reserve is why the licence matters: the bitcoin that helped pay for the zone is mostly gone, so more of GMC's next money has to come from foreign investors. Jamtsho said the goal is to "make GMC easier to invest in, trade with, and bank from" ^[8].

The licence can go one of three ways. If the FSRA grants it, DK's ADGM subsidiary becomes a regulated place for investors in the Gulf and Asia to hold and move money bound for Gelephu ^[5]. If the conditions drag, DK holds an approval with no product attached ^[6]. The third path goes around the subsidiary. On Tuesday GMC opened an accelerated licensing pathway for companies already regulated in jurisdictions including Singapore and ADGM ^[13]. A Bitcoin.com News headline said it comes with 0% corporate tax and free banking ^[14]. On that path, ADGM-licensed firms set up inside Gelephu, where DK already operates ^[11], and the Abu Dhabi office handles less of the flow.

I'd expect the first and third to run together, since the two moves connect ADGM and GMC in both directions. This view is wrong if the FSRA withholds the final licence, or if foreign money reaches GMC through direct licensing while DK's subsidiary sits unused. Bitcoin.com News framed the approval as Thimphu seeking international capital "without relying solely on the slower machinery of multilateral finance" ^[10].