Quick Facts
- Bitcoin Suisse has secured an in-principle approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
- The approval marks a significant milestone for the company, which is committed to expanding its presence in the UAE.
- The UAE is a key market for crypto firms, with a business-friendly environment and regulatory framework that is attracting increasing numbers of companies to the region.
- Bitcoin Suisse’s plans for the UAE include providing regulated crypto financial services, establishing partnerships with local financial institutions, and promoting the adoption of Bitcoin in the region.
Bitcoin Suisse Secures Regulatory Approval in Abu Dhabi
In a significant move, Bitcoin Suisse has secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), paving the way for the Swiss crypto firm to expand its operations into the United Arab Emirates. This marks a major step in the company’s plans to become a leading player in the region’s rapidly growing crypto market.
Founded in 2013, Bitcoin Suisse has been a key contributor to Switzerland’s Crypto Valley, a blockchain ecosystem valued at over $500 billion. The company has a strong track record of developing the country’s crypto ecosystem, and its latest move into the UAE is a testament to its commitment to expanding its presence in the region.
The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services such as digital asset trading, crypto securities, and derivatives offerings, as well as custody solutions. The approval is a significant milestone for the company, which is looking to establish itself as a major player in the region’s crypto market.
Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East), Bitcoin Suisse’s subsidiary in the UAE, said: “We are thrilled to receive this in-principle approval from the FSRA and look forward to working closely with them to obtain our full license.”
Crypto Firms Bet on Middle East as Next Global Crypto Hub
The UAE has emerged as a lucrative market for crypto firms, with regulators creating a business-friendly environment that is attracting increasing numbers of companies to the region. The country’s financial hub, Abu Dhabi Global Market (ADGM), has been at the forefront of this trend, offering a range of licenses and approvals to crypto firms.
Circle, the issuer of the world’s second-largest stablecoin, USDC, received an in-principle approval from the FSRA in April, moving one step closer to obtaining a full license to become a regulated money service provider in the UAE. This is just the latest in a string of approvals from the FSRA, which has been actively promoting the growth of the region’s crypto market.
The ADGM has also partnered with the Stacks Asia DLT Foundation, a Bitcoin-based organization that aims to advance progressive regulatory frameworks in the Middle East. The partnership is part of the foundation’s efforts to “unlock Bitcoin capital” and promote the adoption of Bitcoin in the region.
Why the UAE is a Key Market for Crypto Firms
The UAE’s business-friendly environment and regulatory framework make it an attractive destination for crypto firms. The country’s government has been actively promoting the growth of the fintech sector, and the ADGM has been at the forefront of this effort, offering a range of licenses and approvals to crypto firms.
The UAE’s proximity to Europe and Asia, as well as its strong financial infrastructure, also make it an attractive location for crypto firms. The country’s capital, Abu Dhabi, is home to a number of major financial institutions and organizations, and the city is also home to a number of major crypto exchanges and trading platforms.
Bitcoin Suisse’s Plans for the UAE
Bitcoin Suisse’s plans for the UAE include providing a range of regulated crypto financial services, including digital asset trading, crypto securities, and derivatives offerings, as well as custody solutions. The company is also looking to establish partnerships with local financial institutions and organizations, and is actively promoting the adoption of Bitcoin in the region.
Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East), Bitcoin Suisse’s subsidiary in the UAE, said: “We are excited to bring our expertise and experience to the UAE and contribute to the growth of the region’s crypto market. We believe that the UAE has tremendous potential for crypto adoption, and we are committed to helping to unlock this potential.”
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