Crypto exchange M2 launches a feature to buy BTC and ETH for fiat in the UAE
The platform is licensed to operate within the Abu Dhabi International Financial Center
31.07.2024 - 10:25
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What’s new? The M2 crypto exchange will allow residents of the United Arab Emirates to buy and sell bitcoin and Ethereum using the national fiat currency in bank accounts. Through trading pairs on the M2 spot market, users can exchange dirhams for BTC or ETH and vice versa. They will also be able to deposit and withdraw funds in fiat.
What else is known? The exchange is licensed by the Financial Services Regulatory Authority (FSRA) to operate within a free economic zone called Abu Dhabi Global Market (ADGM). On August 16, 2023, M2 was granted a license allowing it to provide trading and custodial services to institutional and retail clients in the UAE.
M2 CEO Stefan Kimmel noted that the licensing process is complex due to the high standards, but this due diligence increases customer confidence by ensuring the platform meets security and transparency standards.
According to the M2 team, integration with banking services will make it easier for users to adapt to changes in the market and increase the availability of virtual assets.
Kimmel said M2 is working to expand its business in the MENA region and combine the cryptocurrency and traditional financial sectors as part of its offerings for clients.
Earlier this year, ADGM began working with the Solana network team to develop blockchain technology and existing projects within the center.
In April, Dubai’s digital assets regulator VARA began exploring the possibility of reducing the financial burden on small crypto startups.
In June, Dubai’s financial regulator DFSA allowed trading of foreign cryptocurrency exchange-traded funds (ETFs) within the Dubai International Financial Center (DIFC).
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