Bitcoin Suisse receives the first license in Abu Dhabi: Expansion in VAE planned
Bitcoin Suisse received a fundamental approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This is an important step for the expansion of the Swiss crypto company beyond the European Union.
The Swiss crypto finance service provider has received the basic approval of his subsidiary BTCS (Middle East), How It is called in a press release on May 21.
This fundamental approval is a preliminary stage for a complete financial services license with Bitcoin Suisse regulated crypto financial services such as trading in digital assets, crypto value papers and derivatives as well as custody solutions.
Admission shows the “strong commitment of the company to comply with the highest standards in relation to transparency, security and compliance with legal regulations,” said Ceyda Majcen, head of global expansion and designated senior executive officer from BTCS (MIDDLE EAST).
“Abu Dhabi, one of the fastest growing financial centers in the Middle East, is a convincing opportunity for growth. We look forward to working closely with the FSRA to get a complete license,” wrote Majcen in one notice we will 21. May X.
This is the first expansion of Bitcoin Suisse outside the European Union.
Bitcoin Suisse was founded in 2013 and played an important role in the development of the crypto ecosystem in Switzerland. The company made an important contribution to the Schweizer Crypto Valleya blockchain ecosystem based in Switzerland with a value of more than $ 500 billion.
Crypto companies see the Middle East as the next global crypto hub
More and more crypto companies are expanding to the Middle East because they see the region as the next potential global cryptocentrum due to its friendly regulatory environment.
Received on April 29th Circlethe issuer of the second largest stable coin in the world, USDC (USDC), a basic permit from the FSRA and thus came a step closer to the complete license as a regulated cash service provider in the United Arab Emirates.
The day before, the Stacks Asia DLT Foundation entered into a partnership with the ADGM and is the first Bitcoin-based organization to establish an official presence in the Middle East.
As part of this partnership, the Stacks Foundation wants to promote advanced regulatory framework in the Middle East.
The foundation also develops the Bitcoin Capital Activation Framework, a comprehensive political design to help the regulatory authorities possible to use Bitcoin use in their regions.
