Institution-facing digital assets firm Bitcoin Suisse has secured an in-principle approval to operate in the UAE. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) approved its subsidiary BTCS Middle East Limited.
The firm disclosed this in a recent announcement, noting that it would enable the expansion of its operations into the Middle East, where it can now offer its crypto services. It plans to offer crypto trading, derivatives, and custody in the region.
The announcement reads:
“With this achievement, Bitcoin Suisse is set to expand into the Middle East, introducing a refined and client-centric approach to crypto finance.”
Interestingly, the in-principle approval is only the preliminary step towards the firm securing full licensing in the region, but the firm expects that it will get the full license very soon. Bitcoin Suisse has been in operation since 2013 and intends to bring over a decade of experience to the Middle East.
Speaking on the achievement, the firm head of global expansion and designated senior executive officer for BTCS, Ceydan Majcen, described it as a sign of its commitment to regulatory compliance and global expansion
He said:
“We look forward to working closely with the FSRA to obtain our full license and to bring our decade of experience in crypto finance to the region’s rapidly evolving digital asset ecosystem.”
Bitcoin Suisse is one of Europe’s leading crypto service firms, offering custody, staking, and trading, among others. With its headquarters in Switzerland and a branch in Liechtenstein, it has over $6 billion in assets under custody and over $2.6 billion in staked assets.
Abu Dhabi move continues a busy year for Bitcoin Suisse
Meanwhile, the expansion into Abu Dhabi highlights a busy year for the Swiss-based firm. Its efforts this year include new partnerships as well as listing other products for its customers
A few weeks ago, it partnered with wealth management firm SSI Wealth Management to offer SSI’s clients access to institutional digital assets solutions. In exchange, SSI will also provide Bitcoin Suisse clients with traditional finance products that align with their needs.
Beyond that, the company recently added new crypto tokens to its offerings with The Open Network TON, Ondo Finance ONDO, Optimism OP, and Ethena ENA. The firm now offers more than 45 cryptocurrencies for trading, including the popular ones such as BTC, ETH, and SOL.
UAE’s status as a crypto hub continues to grow
For UAE, Bitcoin Suisse expansions show the country’s stock as the crypto hub continues to grow. Despite several other countries, such as Singapore, Hong Kong, and even the US, all working on enabling the crypto industry, the UAE continues to attract major crypto firms.
Several crypto companies with global reach have set up shop in the country, and many others continue to apply for regulatory approval. These include Ripple, Crypto.com, Binance, Coinbase, etc.
This is likely due to the country’s permissive regulatory framework for digital assets, which many companies consider to be the entry point into the Middle East and Africa region. The ADGM, an international financial center and free zone, is one of the top crypto ecosystems in the Middle East.
Interestingly, it is not the only pro-crypto ecosystem in the country, with Dubai also offering a similar environment to that of its Virtual Assets Regulatory Authority (VARA). The city also boasts several incentives, including zero income and corporate taxes.
Meanwhile, UAE’s status as a crypto hub could soon skyrocket, with reports that the world’s largest exchange, Binance, could establish its headquarters there. Binance CEO Richard Teng is a former ADGM and Abu Dhabi sovereign fund MGX CEO who recently invested $2 billion into the exchange.
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