Bhutan launches crypto bank in Gelephu

• DK Bank launched in Bhutan's Gelephu Mindfulness City with a focus on banking services for crypto businesses.
• The bank plans to offer accounts that combine fiat currencies and digital assets, including stablecoins.
• Officials said the project aims to position Gelephu as a financial gateway for South Asia.

DK Bank, operating in Bhutan's Gelephu Mindfulness City, launched as a regulated bank focused on serving crypto businesses that often face difficulties accessing traditional banking services.

The bank said it plans to offer accounts that combine traditional currencies with digital assets, including stablecoins such as Tether and USD Coin.

“We want to integrate fiat and crypto together, we want to provide you a multi-currency account and custodian services for crypto,” said DK Bank Chief Executive Zheng YD.

According to project materials, the bank's services include support for nine currencies, bitcoin-backed lending, crypto custody and fiat-to-crypto payment rails, while the institution said it also monitors both on-chain and off-chain transactions.

Officials from Gelephu Mindfulness City said the initiative is intended to support the region's financial services ambitions, and following the announcement there was no publicly available market price reaction for DK Bank.

The project operates under a regulatory framework that officials said incorporates elements of Singapore common law and the financial services regime used by Abu Dhabi Global Market.

Bhutan has been involved in Bitcoin (CRYPTO:BTC) mining since at least 2018 using hydropower resources, while Gelephu Mindfulness City is also developing an international airport scheduled to open in December 2029 according to project officials.

At the time of reporting, Bitcoin price was $65,738.61.