The latest compliance news: regulatory developments, punishments, guidance, permissions and authorisations for new product and service offerings.

A subsidiary of Bitcoin Suisse, BTCS (Middle East) Ltd, has received regulatory clearance in Abu Dhabi from the Financial Services Regulatory Authority (FSRA). The FSRA is part of Abu Dhabi Global Market, the international financial centre of Abu Dhabi.

The “financial services permission” (FSP) enables BTCS ME to deliver regulated digital asset financial services to institutional and professional clients in the United Arab Emirates. 

Ceyda Majcen, chief executive of BTCS ME, leads Bitcoin Suisse's expansion in the Middle East.

Bitcoin Suisse said in a statement this week that it brings more than a decade of experience across multiple digital asset market cycles to the UAE. The group safeguards $3.7 billion in crypto assets and ranks as the fourth-largest staking operator globally, it said. 

The regulatory step is an example of the kind of wealth and fintech businesses that are achieving licensed status in Abu Dhabi and Dubai, among other jurisdictions of the Gulf region. Another Switzerland-headquartered digital assets firm, AMINA Bank, has a base in Abu Dhabi, for example. In February, Maerki Baumann, a Zurich-headquartered private bank, said it was closer to launching its Middle East hub in Abu Dhabi, confirming its plans to do so. It secured regulatory approval to open a branch in the region from Abu Dhabi’s FSRA. The bank says it has extensive experience of supporting hundreds of tech companies and individuals from the crypto community.

The offering
Bitcoin Suisse said institutional and professional clients can access a regulated digital asset financial infrastructure designed for sophisticated needs, including being able to manage and hedge digital asset exposure and obtain institutional-grade custody.

Founded in 2013, Bitcoin Suisse offers trading, custody, staking and lending services for institutional clients, digital asset foundations, family offices, asset managers and high net worth individuals. It is headquartered in Zug, Switzerland, with more than 200 employees in Switzerland, Liechtenstein, the United Arab Emirates, and Bermuda.