# Bhutan’s DK Bank Wants a Global Gateway. Abu Dhabi Approval Brings It Closer.

> Approval in principle puts a planned Abu Dhabi subsidiary a step closer to connecting Gelephu Mindfulness City with international investors and financial institutions.

By Lidia Yadlos · October 8, 2026

Canonical: https://blockster.com/dk-bank-adgm-approval-abu-dhabi-bhutan

Bhutan’s DK Bank is moving closer to establishing an international base in Abu Dhabi, with plans to connect Gelephu Mindfulness City and the wider country to global capital.

On October 8, [DK Bank](https://www.dk.bank/) announced that it had received in-principle approval from the Financial Services Regulatory Authority of [ADGM](https://www.adgm.com/), Abu Dhabi’s international financial centre, for a subsidiary offering **four services: brokerage, custody, payments and advisory**.

DK says it is the first Bhutanese bank to receive in-principle regulatory approval for a financial services presence outside Bhutan. The next step is meeting the approval’s conditions and obtaining a final Financial Services Permission before commencing the proposed regulated activities.

## A Base for Moving Capital Across Markets

DK sees Abu Dhabi as a gateway between the Middle East, Asia and other international markets. Its proposed subsidiary would give the group a regulated presence closer to investors and financial institutions that could support GMC’s development.

The scale of that network helps explain the choice. In its [first-half 2026 results](https://www.adgm.com/media/announcements/adgm-reinforces-abu-dhabis-standing-as-a-global-financial-hub-with-54-growth-in-aum-and-almost-14000-active-licences), ADGM reported **54% year-on-year growth in assets under management**, with **190 fund and asset managers** based in the financial centre and **276 funds** managed from it.

Asset managers that established operations in ADGM during that period collectively oversee **more than $2.1 trillion in global assets under management**. That worldwide figure illustrates the scale of investment firms choosing an Abu Dhabi base.

The planned services address different parts of that relationship: brokerage for transactions, custody for safeguarding assets, payments for moving money, and advisory services for clients navigating financial decisions. The final permission will determine the authorised scope.

> “_**“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. Our goal is simple: make GMC easier to invest in, trade with and bank from - and demonstrate that a Bhutanese financial institution can operate to the standards of a leading global financial centre.”**_”
>
> — Gelay Jamtsho, Chairperson of DK

## What Approval in Principle Means

The distinction between this milestone and a final licence matters. Under the FSRA’s [published application process](https://www.adgm.com/financial-services-regulatory-authority/fsra-general-application-process), in-principle approval comes with conditions that must be fulfilled before the regulator grants permission to commence regulated activities.

The general process includes securing premises, obtaining a commercial licence, opening bank accounts and capitalising the entity where relevant. DK’s announcement does not detail its specific conditions or give a launch date for the Abu Dhabi subsidiary.

> “_**“We are building institutional-grade financial infrastructure that connects markets across Asia and the Middle East, supported by strong regulation and robust technology. ADGM will be an important part of that network and of DK’s next phase of international growth.”**_”
>
> — Zheng Yudong, Group Chief Executive Officer of DK

## Building on GMC’s Financial Infrastructure

The expansion plan builds on an existing relationship between Bhutan’s emerging financial centre and ADGM. An [announcement hosted on ADGM’s website](https://www.adgm.com/media/announcements/visit-of-his-majesty-the-king-of-bhutan-to-adgm) describes an April 2025 memorandum of understanding establishing a framework for cooperation between the GMC Authority and the FSRA.

Blockster previously covered [GMC’s effort to combine licensing and operational banking](https://blockster.com/bhutans-gelephu-mindfulness-city-wants-to-eliminate-one-of-cryptos-biggest-operational-bottlenecks), with DK Bank providing corporate accounts as part of the setup process. A planned Abu Dhabi presence extends that ambition outward: helping institutions based in Bhutan connect with international markets.

DK also features in [Blockster’s coverage of TER, GMC’s gold-backed token on Solana](https://blockster.com/bhutan-launches-ter-a-sovereign-gold-backed-token-minted-on-solana), as its distributor and custodian. That provides context for the group’s work across traditional finance and digital assets; the new announcement does not specify which assets the proposed ADGM services would cover.

> “_**“Our cooperation with ADGM is about building strong relationships with leading global jurisdictions. DK’s progress in Abu Dhabi is a practical example of how institutions based in Bhutan and GMC can connect to international markets while operating to high regulatory standards.”**_”
>
> — David Peters, Managing Director of GFSO

For GMC, the practical goal is making it easier for businesses and investors to access the financial services needed to operate across borders. DK’s approval in principle advances that plan; the final permission and the subsidiary’s eventual operations will show how the connection works in practice.