Bitcoin Suisse, a prominent Swiss crypto financial service provider, has recently achieved a significant milestone in its global expansion strategy. The company secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), signaling its entry into the Middle Eastern market.

Through its subsidiary BTCS (Middle East), Bitcoin Suisse obtained the IPA, which serves as a precursor to acquiring a full financial services license. This license would enable the firm to offer a range of regulated crypto financial services, including digital asset trading, crypto securities, derivatives offerings, and custody solutions.

Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East), emphasized the company's dedication to upholding the highest standards of transparency, security, and regulatory compliance. Majcen expressed excitement about the opportunities presented by Abu Dhabi, a rapidly growing financial hub in the Middle East, and expressed readiness to collaborate closely with the FSRA to secure the full license.

This development marks Bitcoin Suisse's first foray outside of the European Union, where it has played a pivotal role in nurturing Switzerland's thriving crypto ecosystem. Since its establishment in 2013, Bitcoin Suisse has been instrumental in the development of Switzerland's Crypto Valley, a blockchain ecosystem valued at over $500 billion.

The move by Bitcoin Suisse to expand its operations into the Middle East aligns with a broader trend of crypto firms recognizing the region as a promising destination for growth. The Middle East's business-friendly regulatory environment is increasingly attracting crypto companies seeking to establish a presence in a region poised to become a global crypto hub.

Other notable crypto firms have also made significant strides in the Middle East market. For instance, Circle, the issuer of the second-largest stablecoin USDC, recently received an in-principle approval from the FSRA to operate as a regulated money service provider in the United Arab Emirates. Additionally, the Stacks Asia DLT Foundation partnered with ADGM, marking the first Bitcoin-based organization to establish an official presence in the Middle East.

As part of their efforts, the Stacks Foundation aims to advocate for progressive regulatory frameworks that strike a balance between decentralization, security, innovation, and compliance in the Middle East. The foundation is actively working on the Bitcoin Capital Activation Framework, a comprehensive policy blueprint designed to assist regulators in facilitating the utility of Bitcoin within their jurisdictions.

Overall, Bitcoin Suisse's approval from the FSRA of the ADGM represents a significant

Source: https://cointelegraph.com/news/bitcoin-suisse-in-principle-approval-in-abu-dhabi?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound