Swiss crypto financial services provider Bitcoin Suisse has taken a significant step towards expanding its footprint beyond Europe, securing an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This marks the company’s first move outside the European Union and positions Abu Dhabi as a key market in its global growth strategy.
In-Principle Approval Paves the Way for Full Licensing
Bitcoin Suisse obtained the IPA through its Middle East subsidiary, BTCS (Middle East), signalling regulatory confidence in the firm’s operations and governance. The IPA is a preliminary approval that allows the firm to work closely with regulators while preparing to receive a full financial services licence. Such a licence would authorise Bitcoin Suisse to offer a range of regulated crypto financial services in the UAE, including digital asset trading, crypto securities and derivatives, as well as custody solutions.
Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East), highlighted the significance of this approval, stating that it reflects the company’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance.” In a public announcement on 21 May, Majcen added, “Abu Dhabi, one of the Middle East’s fastest-growing financial centres, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full licence.”
A Milestone in Bitcoin Suisse’s Global Expansion
Founded in 2013, Bitcoin Suisse has played a pivotal role in developing Switzerland’s cryptocurrency ecosystem. It has been a key contributor to Switzerland’s Crypto Valley — a blockchain hub valued at more than $500 billion — and is recognised as a leading crypto financial services firm in Europe.
The move into Abu Dhabi marks a major milestone for Bitcoin Suisse as it pursues international expansion beyond the European Union. The company aims to leverage the region’s business-friendly regulatory framework to tap into a rapidly growing market for digital assets and blockchain innovation.
Middle East Emerging as a Crypto Hub
Bitcoin Suisse’s expansion is part of a broader trend of cryptocurrency firms establishing a presence in the Middle East, attracted by the region’s evolving regulatory environment and strategic position as a global financial centre. Increasingly, firms view the Middle East — especially the UAE — as the next major hub for crypto finance.
In late April, Circle, the issuer of USDC, the world’s second-largest stablecoin, received an IPA from the FSRA, moving closer to becoming a fully licensed regulated money service provider in the UAE. Just days before that, the Stacks Asia DLT Foundation formed a partnership with ADGM, becoming the first Bitcoin-based organisation to establish an official presence in the Middle East.
Advocating for Progressive Crypto Regulation
The Stacks Foundation aims to push for advanced regulatory frameworks that balance decentralisation, security, innovation, and compliance. Kyle Ellicott, executive director at Stacks Asia DLT Foundation, emphasised their global advocacy efforts, stating, “We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralisation, security, innovation, and compliance surrounding the unlocking of Bitcoin capital.”
The foundation is also developing the Bitcoin Capital Activation Framework, a comprehensive policy blueprint designed to assist regulators in enabling Bitcoin utility within their jurisdictions, further signalling the region’s ambitions to become a forward-thinking centre for crypto development.
Looking Ahead
Bitcoin Suisse’s regulatory progress in Abu Dhabi signals growing confidence in the UAE’s position as a global cryptocurrency hub. With its commitment to compliance and security, Bitcoin Suisse is poised to bring its expertise to the Middle East, where business-friendly regulations and growing market demand are creating fertile ground for crypto financial services.
As more firms like Bitcoin Suisse and Circle expand into the region, the Middle East could well emerge as a critical node in the global crypto ecosystem, bridging traditional finance and blockchain innovation.
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