Source: Cointelegraph
Original: “Bitcoin Suisse Plans Expansion to UAE and Receives Regulatory Approval from Abu Dhabi”
Bitcoin Suisse has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), marking an important step for the Swiss cryptocurrency company in expanding outside the European Union.
According to a press release on May 21, the Swiss crypto financial service provider obtained the preliminary approval through its subsidiary BTCS (Middle East).
The in-principle approval is a precursor to obtaining a full financial services license, which will allow Bitcoin Suisse to offer regulated crypto financial services, including digital asset trading, crypto securities and derivatives business, as well as custody solutions.
This approval reflects the company's "firm commitment to maintaining the highest standards of transparency, security, and regulatory compliance," said Ceyda Majcen, the global expansion head and designated senior executive officer of BTCS (Middle East).
"Abu Dhabi, as one of the fastest-growing financial centers in the Middle East, offers compelling opportunities for development. We look forward to working closely with the FSRA to obtain a full license," Majcen wrote in a post on X on May 21.
This is Bitcoin Suisse's first expansion outside the European Union.
Founded in 2013, Bitcoin Suisse has played a significant role in the development of the Swiss crypto ecosystem and has been a key contributor to Crypto Valley—a blockchain ecosystem in Switzerland valued at over $500 billion.
An increasing number of crypto companies are expanding into the Middle East, believing that the region is poised to become the next global crypto hub due to its business-friendly regulatory environment.
On April 29, Circle, the issuer of the world's second-largest stablecoin USDC, received in-principle approval from the FSRA, moving closer to obtaining a full license to operate as a regulated money service provider in the United Arab Emirates.
A day earlier, the Stacks Asia DLT Foundation partnered with ADGM to become the first Bitcoin-based organization to establish an official presence in the Middle East, Cointelegraph reported on April 28.
As part of the collaboration, the Stacks Foundation aims to promote an advanced regulatory framework in the Middle East.
"We are not only focused on local—our team is engaged in global dialogue, advocating for a balanced framework that releases Bitcoin capital while considering decentralization, security, innovation, and compliance," Kyle Ellicott, executive director of the Stacks Asia DLT Foundation, told Cointelegraph.
The foundation is also developing a Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable the practicality of Bitcoin within their jurisdictions.
Related: Theta Capital Raises $175 Million to Support Early Blockchain Startups
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