Bitcoin Suisse, a Swiss-based cryptocurrency financial services provider, has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to offer regulated crypto financial services in the UAE.
The approval allows Bitcoin Suisse’s subsidiary, BTCS (Middle East) Ltd., to obtain a full Financial Services Permission (FSP) from the FSRA. Once licensed, the firm plans to offer services that include trading virtual assets, crypto securities, derivatives, and local custody within ADGM.
ADGM, established in 2015, is an international financial centre on Al Maryah Island in Abu Dhabi, UAE. It has positioned itself as a hub for digital asset activities, introducing a comprehensive regulatory framework for virtual assets in 2018. This framework addresses risks associated with virtual asset trading, including market abuse, financial crime, investor protection, and technology governance.
Bitcoin Suisse, founded in 2013, offers trading, staking, custody, and lending services for private and institutional clients. As of June 2024, the company holds over CHF 5 billion in digital assets under custody and more than CHF 2 billion in assets within its staking services.
The company’s expansion into the Middle East aligns with the UAE’s efforts to attract digital asset firms through regulatory clarity and a supportive business environment. ADGM’s virtual asset framework has made it a destination for firms seeking to operate in a regulated setting.
