Swiss crypto financial services firm 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. This move positions the company to offer regulated crypto services in one of the Middle East’s fastest-growing financial hubs.
Milestone Approval in Abu Dhabi
Bitcoin Suisse secured the in-principle approval (IPA) through its regional subsidiary, BTCS (Middle East), as announced on 21 May. The IPA is a significant precursor to obtaining a full financial services licence, which would enable Bitcoin Suisse to operate regulated crypto services including digital asset trading, crypto securities and derivatives offerings, as well as custody solutions within the UAE.
Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East), said the approval highlights the firm’s dedication to upholding high standards of transparency, security and regulatory compliance. “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,” Majcen stated in a social media post.
A Strategic Step Beyond Europe
Founded in 2013, Bitcoin Suisse has played a pivotal role in Switzerland’s crypto ecosystem, contributing significantly to the development of Crypto Valley, a blockchain hub valued at over $500 billion. The firm’s expansion into Abu Dhabi marks its first venture outside the European Union, signalling a new phase of international growth.
This move aligns with a broader trend of crypto firms increasingly targeting the Middle East as a promising global crypto hub, attracted by the region’s business-friendly regulatory landscape and progressive licensing frameworks.
The Middle East as a Crypto Hotspot
The UAE, and Abu Dhabi in particular, has been making strides to position itself as a leading destination for cryptocurrency and blockchain innovation. Several notable crypto companies have recently secured regulatory approvals or partnerships within the ADGM.
For example, on 29 April, Circle, the issuer of the US dollar-backed stablecoin USDC, received in-principle approval from the FSRA, moving closer to becoming a fully regulated money service provider in the UAE. This step reflects the growing confidence of global crypto firms in the regulatory clarity and opportunities offered by the region.
A day prior, the Stacks Asia DLT Foundation became the first Bitcoin-based organisation to establish an official presence in the Middle East through a partnership with ADGM. The foundation’s focus includes advancing progressive regulatory frameworks that balance decentralisation, security, innovation, and compliance.
Pioneering Regulatory Frameworks for Bitcoin
Kyle Ellicott, executive director at Stacks Asia DLT Foundation, explained that their work is not limited to local engagement but involves participating in global conversations on unlocking Bitcoin’s full potential within regulated environments. The foundation is also developing the Bitcoin Capital Activation Framework, a comprehensive policy blueprint intended to guide regulators in enabling Bitcoin utility in their jurisdictions.
Outlook for Bitcoin Suisse and the Region
Bitcoin Suisse’s regulatory progress in Abu Dhabi underscores a growing shift as crypto firms seek robust and forward-looking regulatory frameworks outside traditional markets. By expanding into the UAE, Bitcoin Suisse aims to tap into the Middle East’s burgeoning digital asset economy, leveraging Abu Dhabi’s strategic position as a financial centre with a clear regulatory vision.
As the region continues to attract crypto innovators and regulators work collaboratively with industry stakeholders, the UAE is emerging as a key player in the global crypto ecosystem.
