Bitcoin Suisse secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking a major step in the Swiss crypto firm’s expansion beyond the European Union.
The Swiss crypto financial service provider received the in-principle approval through its subsidiary BTCS (Middle East), according to a May 21 news release.
The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services such as digital asset trading, crypto securities and derivatives offerings, as well as custody solutions.
The approval reflects the firm’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance,” according to 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. We look forward to working closely with the FSRA to obtain our full license,” Majcen wrote in a May 21 X announcement.
This marks Bitcoin Suisse’s first expansion outside of the European Union.
Founded in 2013, Bitcoin Suisse played a significant role in developing the country’s crypto ecosystem and has been a key contributor to Switzerland’s Crypto Valley, a Switzerland-based blockchain ecosystem valued at more than $500 billion.
Crypto firms bet on Middle East as next global crypto hub
Increasingly more crypto firms are expanding into the Middle East, seeing the region as the next potential global crypto hub due to its business-friendly regulatory licensing environment.
On April 29, Circle, the issuer of the world’s second-largest stablecoin, USDC (USDC), received an in-principle approval from the FSRA, moving one step closer to the full license to become a regulated money service provider in the United Arab Emirates.
A day earlier, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East, Cointelegraph reported on April 28.
As part of the partnership, the Stacks Foundation aims to advance progressive regulatory frameworks in the Middle East.
“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Kyle Ellicott, executive director at Stacks Asia DLT Foundation, told Cointelegraph.
The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.
JD Vance has said he does not want the UK to go down a “very dark path” of losing free speech during a meeting with the foreign secretary at his country estate.
The US vice president has previously raised concerns that free speech is being eroded in the UK.
However, during a two-day visit to David Lammy’s grace and favour 115-room mansion, Chevening House in Kent, Mr Vance kept his criticism a bit more low key.
Asked about free speech in the UK during a televised meeting of the two men, Mr Vance said he has “raised concerns” about free speech in his own country and accused the West of “censoring rather than engaging” with different opinions.
He said: “I think the entire collective West, the transatlantic relationship, our NATO allies, certainly the United States under the Biden administration, got a little too comfortable with censoring rather than engaging with a diverse array of opinions. So that’s been my view.
“Obviously, I’ve raised some criticism, concerns about our friends on this side of the Atlantic.
“But the thing that I’d say to the people of England or anybody else, to David, is many of the things that I worry most about were happening in the United States from 2020 to 2024.
“I just don’t want other countries to follow us down what I think was a very dark path under the Biden administration.”
Mr Lammy, who has struck up the unlikely relationship over the past few months, did not comment on Mr Vance’s indirect criticism.
Image: The two politicians went fishing on the Chevening estate. Pic: Reuters
Image: Mr Vance revealed he caught a few fish but Mr Lammy was not so successful. Pic: Reuters
In February, when Sir Keir Starmer was carrying out a similar televised meeting with Donald Trump in the Oval Office, Mr Vance said “infringements on free speech” now do not just affect the British, but also American tech companies – “and by extension American citizens”.
Sir Keir quickly interjected, saying: “We’ve had free speech for a very long time, it will last a long time, and we are very proud of that.”
Mr Vance and his family are staying with Mr Lammy at Chevening for two days before heading to the Cotswolds for a summer holiday.
The vice president was effusive in his praise for the grand estate that comes with Mr Lammy’s job, saying “being here lifts up the human spirit” as he thanked the “people of England” for having such a “beautiful place for foreigners like me to come and talk about the issues of the day”.
The two politicians went fishing ahead of their meeting, with Mr Vance revealing he caught a few, while all three of his children caught a fish but Mr Lammy did not.
He also said his children had fallen asleep on the floor of the large house, and his three-year-old daughter kept asking if she would see Mr Lammy’s daughter.
Mr Lammy posted a picture of him and Mr Vance laughing as they fished, saying it was a “real pleasure” to welcome the Vance family and the vice president “gave me fishing tips, Kentucky style”.
JD Vance confirmed he will holiday in Scotland next week in a trip that could see up to 1,000 police officers deployed as part of security efforts.
He confirmed his Scottish trip during talks with Mr Lammy on Friday.
Sky News understands the Vance family are likely to visit Ayrshire, the same area where Mr Trump recently stayed where he secured a trade deal with the European Union.
Police sources have suggested approximately 1,000 officers will be working across the visit to ensure the vice president and his loved ones are safe, Sky News’ Scotland correspondent Conner Gillies reported.
Police Scotland declined to comment on the specifics.
It is understood the Vance family will not be staying at Trump Turnberry, the luxury Ayrshire resort owned by the US president himself.
A Police Scotland spokesperson said: “Planning is under way for a potential visit to Scotland by the vice president of the United States.
“Details of any visit would be for the White House to comment on, however it is important that we prepare in advance for what would be a significant policing operation.”