M2 Granted Permission from Abu Dhabi To Offer Crypto Services

The Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) has extended approval to M2 financial services to establish a multilateral trading facility in the capital of the United Arab Emirates.

M2, based in Abu Dhabi, has announced that it has received regulatory approval to offer its institutional and retail clients in the UAE the opportunity to “buy, sell, and custody virtual assets” like Bitcoin and Ethereum.

According to the announcement, after a year of development, the M2 platform is set to launch in the latter part of 2023. The platform aims to establish the “highest levels of trust, security, and integrity” in the emerging virtual asset class, a long-term vision. Moreover, once the platform is live, UAE users can purchase cryptocurrencies using fiat money and access derivatives and yield services.

In this regard, CEO of M2 Stefan Kimmil said: “The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets.”

In the past half-decade, the regulatory framework established by ADGM has provided precise guidelines for individuals operating in the virtual assets sector, and M2 is committed to upholding the most stringent standards in accordance with its vision as the UAE strives to maintain its status as a worldwide leader in this domain, Kimmil added.

In 2018, the ADGM implemented a comprehensive regulatory framework for virtual assets. This initiative has successfully attracted several prominent cryptocurrency companies to establish their businesses within the ADGM’s regulated financial and economic zone.

According to Salem Al Darei, the CEO of ADGM, the organization is dedicated to creating new opportunities and promoting investments in the virtual asset sector. ADGM is committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of its thriving economy.