Bitcoin Suisse Receives in-Principle Approval to Operate in Abu Dhabi Global Market (ADGM)

Bitcoin Suisse has received in-principle approval from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority. This is a significant move in its plan to expand operations beyond Switzerland and into the Middle East.

Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has granted in-principle approval to Bitcoin Suisse for operating in the region. This is a crucial step in the company’s plan to expand operations beyond Switzerland and into the Middle East.

As part of its global expansion plans, Swiss crypto financial service provider, Bitcoin Suisse has reached a significant milestone in its bid to grow in the Middle East. The company has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market.

The company’s regional arm, BTCS (Middle East) Ltd, was approved to operate in the ADGM. This brings the Swiss firm closer to offering fully licensed operations in the UAE.

Once the full financial services license is granted, Bitcoin Suisse will be able to offer regulated crypto services in the ADGM. These services include trading virtual assets, handling crypto securities and derivatives, and offering digital custody solutions.

The approval positions the company to serve institutional clients and private investors in a regulatory environment known for its transparency and structure, the company noted in an update.

Ceyda Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East), described the approval as a major step forward. She added that the company is committed to maintaining high standards in transparency and security.

“We are excited to continue building on this foundation as we progress towards our full operating license,” Majcen said.

Abu Dhabi is recognized as one of the fastest-growing financial centers in the Middle East. The region offers substantial opportunities for long-term growth, making it an attractive market for Bitcoin Suisse’s expansion.

The ADGM is widely respected for its comprehensive virtual asset framework, which has attracted other international firms. It is currently regarded as one of the largest regulated hubs for virtual assets across the MENA region.

In related news, Coinspeaker notes that Strive Asset Management is making a bold bet on Bitcoin. This company aims to build a 75,000-BTC treasury through discounted Mt.Gox claims. The move is possible as crypto regulatory policy in the United States is becoming more favorable.

The Underlying Implication for BTC Price

It is worth noting that the IPA is now secured. Bitcoin Suisse is working towards obtaining its full Financial Services Permission (FSP). According to the company, this phase will involve continued collaboration with the FSRA and further strengthening internal operations to meet local requirements.

Bitcoin Suisse has built a strong presence in Switzerland, managing over $6 billion in digital assets under custody and over $2.6 billion in institutional staking services. It is important to add that by entering the Abu Dhabi market, the firm aims to replicate its Swiss success. It intends to use a client-focused approach grounded in regulatory compliance.

Coinspeaker recently reported that Bitcoin reached a major milestone. The largest cryptocurrency surpassed $107,000, with its realized market cap hitting an all-time high. CoinMarketCap data shows that BTC is currently trading at $106,611.60, up by 1.24%.

With the Bitcoin Suisse news and other BTC-centric bullish news over the past month, the coin may finally retest its ATH.