Key Takeaways:
- Bitcoin Suisse secured in-principle approval from ADGM’s FSRA to operate in the UAE.
- The firm plans to offer regulated services including crypto trading, custody, and derivatives.
- This step marks its formal expansion into the Middle East market.
- The UAE continues to attract major global crypto and fintech companies through ADGM.
Bitcoin Suisse, the Swiss-based crypto financial services firm, has secured initial approval to operate in the United Arab Emirates (UAE) through its local unit, BTCS (Middle East) Ltd.
The approval, granted by Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA), opens the door for the firm to obtain full licensing in the near future.
BTCS to Launch Crypto Services Under UAE Oversight
According to a news release on May 21, the in-principle approval allows BTCS to prepare for offering regulated crypto services, pending full authorization, such as trading in virtual assets, crypto securities, and derivatives, as well as secure local custody solutions.
“This is an important step in our international growth,” said Ceyda Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East). “Abu Dhabi, one of the Middle East’s fastest-growing financial centers, presents a compelling opportunity for growth.”
Bitcoin Suisse: Crypto Finance Veteran with Institutional Roots
Bitcoin Suisse, founded in Switzerland’s Crypto Valley, has created a notable presence in the digital asset landscape by aligning early with both blockchain giants and traditional finance
The company first gained international visibility through its support of Ethereum’s launch in Zug and has since expanded into institutional-grade crypto services, including custody, trading, and staking.
The firm has also played a key role in integrating cryptocurrencies into public finance, when it enabled the city of Zug to accept Bitcoin for local taxes.
Additionally, its collaboration with Falcon Private Bank marked one of the earliest tie-ups between a regulated Swiss bank and a crypto provider.
Over the years, Bitcoin Suisse has deepened its institutional footprint. It has worked alongside Worldline to introduce crypto payments to tens of thousands of Swiss merchants, and is a founding member of the Swiss Blockchain Federation, a public-private body shaping the country’s fintech policy.
UAE’s Fintech Surge: A Magnet for Global DEFI Giants
The United Arab Emirates has emerged as a key destination for global fintech and digital asset firms, with many choosing to establish or grow their operations in the region. Abu Dhabi Global Market (ADGM) has played a central role in this wave, offering a regulatory framework that appeals to both traditional financial institutions and crypto-focused companies.
As a result, several firms have recently received regulatory approvals or expanded their presence in the UAE, including:
- Circle: The issuer of USDC stablecoin secured in-principle approval from ADGM’s Financial Services Regulatory Authority (FSRA) to operate as a regulated money services provider in the UAE, marking a significant step in its Middle East expansion strategy.
- Hidden Road Partners: This global prime brokerage firm received in-principle approval from ADGM to offer prime brokerage and clearing services for both digital and traditional assets, aiming to serve institutional investors in the region.
- XBTO: This digital asset platform obtained in-principle approval from ADGM to operate in the UAE, reflecting its commitment to expanding its institutional digital asset services in the Middle East.
- Thndr: This Egypt-based investment platform expanded into the UAE market after acquiring a Category 3A license with retail endorsement from ADGM, allowing it to offer direct access to US-listed securities to retail investors.
- Zodia Markets: Backed by Standard Chartered, Zodia Markets received regulatory approval to operate as a virtual asset brokerage in Abu Dhabi, further cementing the city’s status as a digital asset hub.
- Rain: This cryptocurrency exchange based in the Middle East, received regulatory approval from ADGM’s FSRA, enabling it to expand its services in the UAE and target asset managers for virtual asset brokerage and custody services.
- Binance: The world’s largest cryptocurrency exchange, Binance, received a $2 billion investment from Abu Dhabi’s MGX, highlighting the UAE’s commitment to becoming a global hub for digital assets and the crypto industry.
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