Bitcoin Suisse obtained an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking a significant advancement in the Swiss crypto company’s growth beyond the European Union.
The Swiss cryptocurrency financial service provider acquired the in-principle approval via its subsidiary BTCS (Middle East), as stated in a news announcement on May 21.
The IPA acts as a precursor to a full financial services license, enabling Bitcoin Suisse to offer regulated crypto financial services including digital asset trading, crypto securities, and derivatives offerings, alongside custody solutions.
This approval signifies the firm’s “steadfast commitment to upholding the utmost standards of transparency, security, and regulatory adherence,” according to Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East).
“Abu Dhabi, recognized as one of the Middle East’s rapidly expanding financial hubs, offers an enticing opportunity for growth. We are eager to collaborate closely with the FSRA to secure our full license,” Majcen noted in a May 21 X announcement.
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This signifies Bitcoin Suisse’s inaugural expansion outside the European Union.
Established in 2013, Bitcoin Suisse has played a pivotal role in nurturing the nation’s crypto ecosystem and has been a vital contributor to Switzerland’s Crypto Valley, a blockchain ecosystem based in Switzerland valued at over $500 billion.
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Crypto enterprises target the Middle East as the next global cryptocurrency center
An increasing number of crypto enterprises are venturing into the Middle East, viewing the area as the forthcoming potential global cryptocurrency hub due to its favorable business-oriented regulatory environment.
On April 29, Circle, the issuer of the world’s second-largest stablecoin, USDC (USDC), secured an in-principle approval from the FSRA, progressing one step closer to obtaining the full license to act as a regulated money service provider in the United Arab Emirates.
Just a day prior, the Stacks Asia DLT Foundation entered into a partnership with ADGM, becoming the first Bitcoin-based organization to establish a formal presence in the Middle East, as reported by Cointelegraph on April 28.
In this partnership, the Stacks Foundation aspires to promote forward-thinking regulatory frameworks in the Middle East.
“We’re not solely focused on the local scene — our team is participating in global dialogues, advocating for frameworks that balance decentralization, security, innovation, and compliance regarding the unlocking of Bitcoin capital,” Kyle Ellicott, executive director at Stacks Asia DLT Foundation, conveyed to Cointelegraph.
The foundation is also creating the Bitcoin Capital Activation Framework, characterized as a thorough policy blueprint designed to assist regulators in enabling Bitcoin utility in their jurisdictions.
