Bitcoin Suisse has obtained in-principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market, positioning it to offer regulated financial services in the Middle East.
This approval marks a significant milestone for Bitcoin Suisse, reflecting Abu Dhabi’s growing stature as a financial hub. It allows the firm to expand its regulated service offerings, including trading and custody for crypto assets, boosting institutional involvement.
Bitcoin Suisse Enters Middle East with FSRA Approval
Bitcoin Suisse, established in 2013, is a Swiss company known for its role in developing Switzerland’s Crypto Valley. It operates via its subsidiary BTCS (Middle East) Ltd., which recently secured in-principle approval from the FSRA. This allows the firm to offer regulated financial services, with Ceyda Majcen leading the expansion into Abu Dhabi.
Ceyda Majcen, Head of Global Expansion, emphasized the growth potential in Abu Dhabi’s financial environment, seeking full licensing.“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 and to bring our decade of experience in crypto finance to the region’s rapidly evolving digital asset ecosystem.”Arvind Ramamurthy from ADGM expressed anticipation of Bitcoin Suisse’s contribution to their dynamic ecosystem.
– Ceyda Majcen, Head of Global Expansion, BTCS (Middle East)
Regional Impact of Bitcoin Suisse’s FSRA Approval
The in-principle approval permits Bitcoin Suisse to offer trading and custody services in the MENA region. This expansion is expected to increase regional trading volumes and strengthen Abu Dhabi’s position as a regulated crypto hub.
Bitcoin Suisse’s move aligns with similar regulatory approvals in the region, suggesting a potential increase in market legitimacy and activity. Past expansions, like those of Binance and Kraken, notably enhanced regional crypto engagement and activity.
UAE Market Embraces Crypto: Expert Insights
The approval of Bitcoin Suisse is reminiscent of other major crypto firms entering the UAE market, reinforcing narratives of increased regional adoption and regulatory clarity similar to the success of Switzerland’s Crypto Valley.
Industry experts anticipate enhanced institutional participation in digital assets, bolstering confidence and liquidity in the market. Bitcoin Suisse’s operations in Abu Dhabi could lead to significant upticks in trading activity and broader market adoption.
| Disclaimer: This website provides information only and is not financial advice. Cryptocurrency investments are risky. We do not guarantee accuracy and are not liable for losses. Conduct your own research before investing. |
Author: Akinyemi Okedeji Amoo
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