Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has authorized virtual asset company M2 to provide cryptocurrency services. M2’s platform, set to debut in 2023, will enable retail and institutional clients in the UAE to trade and secure virtual assets.
The FSRA has granted M2 a financial services permission (FSP) to operate a multilateral trading facility from Abu Dhabi.
This regulatory endorsement allows UAE clients to engage in buying, selling, and safeguarding virtual assets like Bitcoin and Ethereum.
The M2 platform, built over the past year, aims to instill trust, security, and integrity in the emerging virtual asset sector. Once live, the platform will permit UAE users to purchase cryptocurrencies using fiat currency, alongside accessing derivatives and yield services.
M2’s CEO, Stefan Kimmil, highlighted the licensing process as a crucial first step in their journey, emphasizing transparency in asset custody through close dialogue with the ADGM.
The ADGM’s regulatory framework, established over five years, has set clear rules for the virtual assets sector, and M2 intends to uphold these standards as the UAE solidifies its global leadership in this domain.
Since introducing a comprehensive virtual asset regulatory framework in 2018, ADGM has attracted several major cryptocurrency companies to its regulated financial economic zone.
ADGM’s mission revolves around unlocking growth opportunities and investments in the virtual asset sector, promoting Abu Dhabi’s digital asset landscape and supporting economic diversification.
In November 2022, ADGM granted cryptocurrency exchange Binance an FSP after provisional approval in April.
Subsequently, in July of the same year, cryptocurrency exchange Rain obtained similar regulatory permission to offer virtual asset brokerage and custody services to UAE users.
Virtual Assets Trading platform, @M2Exchange, has been granted an FSP from #ADGM #FSRA, allowing #M2 to operate a dynamic multilateral trading facility and provide secure custody services for #virtual_assets to #UAE residents, catering to both institutional and retail clients.… pic.twitter.com/JuYjnsbvPY
— Abu Dhabi Global Market (@ADGlobalMarket) August 16, 2023
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