The Abu Dhabi Global Market granted Bitcoin Suisse in-principle clearance, the company’s first move outside the EU.
Bitcoin Suisse reached an important milestone in the Swiss cryptocurrency company’s growth outside of the EU when it received an in-principle permission (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
According to a news release on May 21, the Swiss crypto financial services provider obtained the in-principle clearance through its Middle East subsidiary, BTCS.
To offer regulated crypto financial services, including digital asset trading, crypto securities and derivatives offerings, and custody solutions, Bitcoin Suisse must first obtain an IPA, a prerequisite for a complete financial services license.
Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East), said the clearance demonstrates the company’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance.”
Abu Dhabi offers a strong chance for expansion as one of the financial hubs in the Middle East, with the fastest growth rate. In a May 21 X statement, Majcen stated, “We are eager to collaborate closely with the FSRA to acquire our complete license.
This is the first time Bitcoin Suisse has expanded outside the EU.
Since its founding in 2013, Bitcoin Suisse has been instrumental in the growth of the nation’s cryptocurrency scene and has contributed significantly to the creation of Switzerland’s Crypto Valley, a blockchain ecosystem valued at over $500 billion.
Crypto businesses predict the Middle East will become the next major global hotspot.
Because of the Middle East’s business-friendly regulatory and licensing climate, more and more cryptocurrency companies are venturing into the region, viewing it as the next central global crypto hub.
The FSRA granted Circle, the issuer of USDC ($0.9996), the second-largest stablecoin in the world, in-principle permission on April 29. This decision brings Circle closer to obtaining a full license to operate as a regulated money service provider in the United Arab Emirates.
The Stacks Asia DLT Foundation teamed up with ADGM, formally making them the first Bitcoin-based company to launch in the Middle East.
The Stacks Foundation hopes to promote progressive regulatory frameworks throughout the Middle East as part of the collaboration.
Kyle Ellicott, executive director at Stacks Asia DLT Foundation, said, “Our team is involved in global discussions, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital.”
To assist authorities in enabling Bitcoin utility in their jurisdictions, the foundation is also creating the Bitcoin Capital Activation Framework, which is characterized as a comprehensive policy framework.
