Bitcoin Suisse, a leading Swiss crypto financial services provider, has secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This significant milestone marks the firm’s first major expansion beyond the European Union, signaling its strategic push into the rapidly growing Middle East market.
The IPA was granted to BTCS (Middle East), a subsidiary of Bitcoin Suisse, according to a news release issued today. This preliminary approval is a crucial step towards obtaining a full financial services license, which would enable Bitcoin Suisse to offer a comprehensive suite of regulated crypto financial services within the ADGM. These services are expected to include digital asset trading, crypto securities and derivatives offerings, and robust custody solutions.
Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East), highlighted the approval as a testament to the firm’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance.” She added in an X announcement that Abu Dhabi, recognized as one of the Middle East’s fastest-growing financial centers, presents a compelling opportunity for growth.
Founded in 2013, Bitcoin Suisse has been a pivotal force in shaping Switzerland’s crypto ecosystem and a key contributor to the country’s “Crypto Valley,” a blockchain ecosystem valued at over $500 billion. Its move into the ADGM underscores a broader trend of crypto firms increasingly gravitating towards the Middle East, which is emerging as a potential global crypto hub due to its business-friendly and progressively regulatory licensing environment.
This development follows similar moves by other prominent crypto entities in the region. On April 29, Circle, the issuer of the USDC stablecoin, also received an in-principle approval from the ADGM’s FSRA. A day prior, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East, aiming to advance progressive regulatory frameworks and develop a Bitcoin Capital Activation Framework for regulators.
