Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi
Bitcoin Suisse secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking a major step in the Swiss crypto firm's expansion beyond the European Union.
The Swiss crypto financial service provider received the in-principle approval through its subsidiary BTCS (Middle East), according to a May 21 news release.
The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services such as digital asset trading, crypto securities and derivatives offerings, as well as custody solutions.
The approval reflects the firm's 'strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance,' according to Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East).
'Abu Dhabi, one of the Middle East's fastest-growing financial centers, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full license,' Majcen wrote in a May 21 X announcement.
This marks Bitcoin Suisse's first expansion outside of the European Union.
Founded in 2013, Bitcoin Suisse played a significant role in developing the country's crypto ecosystem and has been a key contributor to Switzerland's Crypto Valley, a Switzerland-based blockchain ecosystem valued at more than $500 billion.
Crypto firms bet on Middle East as next global crypto hub
Increasingly more crypto firms are expanding into the Middle East, seeing the region as the next potential global crypto hub due to its business-friendly regulatory licensing environment.
On April 29, Circle, the issuer of the world's second-largest stablecoin, USDC, received an in-principle approval from the FSRA, moving one step closer to the full license to become a regulated money service provider in the United Arab Emirates.
A day earlier, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East, Cointelegraph reported on April 28.
As part of the partnership, the Stacks Foundation aims to advance progressive regulatory frameworks in the Middle East.
'We're not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,' Kyle Ellicott, executive director at Stacks Asia DLT Foundation, told Cointelegraph.
The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.
Source: https://cointelegraph.com/news/bitcoin-suisse-in-principle-approval-in-abu-dhabi
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