Bitcoin Suisse secures in-principle approval (IPA) from Abu Dhabi Global Market's (ADGM) FSRA

Bitcoin Suisse has received in-principle approval through its subsidiary BTCS (Middle East), according to a May 21 press release.

Bitcoin Suisse has secured in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) for its subsidiary BTCS (Middle East).

The Swiss crypto financial service provider is now one step closer to a full financial services license to provide regulated crypto financial services in the United Arab Emirates.

The approval will allow Bitcoin Suisse to offer digital asset trading, crypto securities and derivatives offerings, as well as custody solutions. It comes in response to the firm’s strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance, according to Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East).

“We are pleased to have received in-principle approval from the FSRA for our subsidiary BTCS (Middle East) to provide financial services in ADGM,” Majcen said in a statement on Monday.

“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 marks Bitcoin Suisse’s first expansion outside of the European Union. Founded in 2013, the Swiss crypto firm played a significant role in developing the country’s crypto ecosystem and has been a key contributor to Switzerland’s Crypto Valley — a Switzerland-based blockchain ecosystem valued at more than $500 billion.

The move comes as more crypto firms are expanding into the Middle East, seeing the region as the next potential global crypto hub due to its business-friendly regulatory licensing environment.

Earlier this month, Circle, the issuer of the world’s second-largest stablecoin, USDC, received in-principle approval from the FSRA, coming one step closer to the full license to become a regulated money service provider in the United Arab Emirates.

A day earlier, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East. As part of the partnership, the Stacks Foundation aims to advance progressive regulatory frameworks in the Middle East.

“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Kyle Ellicott, executive director at Stacks Asia DLT Foundation, said.

The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.

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