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Bitcoin Suisse expands in the UAE with regulatory approval from Abu Dhabi

Bitcoin Suisse has received initial approval from the Abu Dhabi Global Market, marking its first expansion outside the European Union.

Bitcoin Suisse obtained initial approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), representing a significant step in the expansion of the Swiss crypto company beyond the European Union.

The Swiss crypto financial services provider received initial approval through its subsidiary BTCS (Middle East), according to a press release dated May 21.

The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services, such as trading of digital assets, crypto securities, and derivatives offerings, as well as custody solutions.

The approval reflects the "firm commitment of the firm to maintain the highest standards of transparency, security, and regulatory compliance," according to Ceyda Majcen, head of global expansion and designated senior executive of BTCS (Middle East).