Swiss crypto financial services provider Bitcoin Suisse has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking its first expansion outside the European Union.
The approval, granted to its subsidiary BTCS (Middle East) Ltd., is a precursor to obtaining a full financial services license. Once fully licensed, the firm plans to offer regulated crypto financial services in the region, including digital asset trading, crypto securities and derivatives offerings, as well as custody solutions.
Ceyda Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East), emphasized the significance of this milestone, stating, “Abu Dhabi, one of the Middle East’s fastest-growing financial centers, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full license.”
This move aligns with a broader trend of crypto firms expanding into the Middle East, attracted by the region’s business-friendly regulatory environment. Notably, Circle, the issuer of the USDC stablecoin, recently received in-principle approval from the FSRA, indicating the UAE’s growing prominence as a global crypto hub.
