M2 Exchange, an Abu Dhabi-based digital asset trading platform, enables UAE crypto users to trade digital assets via the United Arab Emirates Dirham (AED). This significant integration allows its customers to deposit and withdraw funds directly to their local banks. The crypto exchange, authorized by the Financial Services Regulatory Authority (FSRA), expands its digital asset services in the state via this feature.
M2 Exchange Enables a Smooth Conversion of Digital Assets in UAE
On July 31, M2 disclosed its highly anticipated feature via its official X account (formerly Twitter). The platform affirmed that users can now enjoy a seamless digital asset conversion experience. For instance, users can exchange their BTC and ETH in dirhams through the exchange’s spot market. This crucial step allows users to adapt actively to market fluctuations.
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With this feature, the platform now enables direct deposit of dirhams into and out of the exchange, simplifying the trading experience for UAE users. Similarly, this integration expands the platform’s offerings in the rapidly evolving landscape of digital assets. The platform also aims to broaden its services in the Middle East and North Africa (MENA) region.
While commenting on the latest development, Stefan Kimmel, the CEO of M2 Exchange, noted in a statement:
It is a significant step for M2 ADGM as we work to expand our offering for the MENA region and reduce the friction in how clients can navigate between traditional finance and virtual assets.
He continued that with our platform’s cutting-edge security and functionality, UAE users can now enjoy trusted traditional banking services with innovative features. M2 has been an utterly compliant entity with strict regulatory authority in the Abu Dhabi Global Market (ADGM). Furthermore, he added that the platform’s priority is to ensure asset custody, user fund protection, and governance across the MENA region.
M2 Exchange Operates in UAE As a Licensed Entity
M2 Exchange obtained its regulatory license from FSRA in 2023 to operate as a legal entity in ADGM, Abu Dhabi’s leading financial sector. After that, the platform started offering trading services to institutional and retail clients in the UAE.
At that time, Kimmel said that acquiring a legal permit from ADGM was challenging due to the highest standards required for multilateral trading facilities. However, the platform’s due diligence and persistent struggles enabled it to secure this license. Complete regulatory compliance with the state’s stringent legal regulations adds an extra layer of security and transparency for crypto enthusiasts in the region.
UAE’s digital asset landscape continuously evolves amid the heated wave of cryptocurrencies. Multiple developmental initiatives have been launched across the region. Last month, Laser Digital, a digital asset platform, obtained an operational license from FSRA after being authorized by Dubai’s Virtual Asset Regulatory Authority (VARA).
Moreover, ADGM partnered with the Solana Foundation by signing a Memorandum of Understanding (MOU) in Feb 2024. The collaboration aimed to boost Web3 and Distributed Ledger Technology (DLT) in Abu Dhabi. These technological advancements reflect the UAE’s broader intentions to embrace blockchain technology.
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