M2 claims its platform will hold “the highest levels of trust, security and integrity in the emerging virtual asset class.”
The Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) has taken yet another step forward in the digital financial space. The regulator has approved virtual asset company M2's application, giving it financial services permission (FSP).
The nod from the regulatory body, announced on August 16th, equips both institutional and individual investors in the UAE with the capacity to handle virtual assets, such as Bitcoin (BTC) and Ether (ETH).
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Gearing up for its anticipated 2023 launch, M2 has spent the past twelve months crafting a platform with “the highest levels of trust, security and integrity in the emerging virtual asset class.”
Furthermore, this platform is set to offer UAE investors the convenience of procuring cryptocurrencies using traditional currency and will launch features such as derivatives trading and yield services.
Stefan Kimmil, M2’s chief executive officer, remarked:
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.
On top of that, Kimmil added that upon receiving the regulatory nod, M2 "will uphold the highest standards to reflect ADGM vision as the UAE continues to affirm its reputation as a global leader in this space."
Cementing its position as a beacon for crypto businesses, ADGM rolled out its holistic regulatory framework for digital assets in 2018. This structure has magnetized numerous crypto-centric enterprises to establish their footprint in ADGM's fiscal jurisdiction.
Salem Al Darei, the CEO of ADGM Authority, shared his perspective:
At ADGM, our mission has always been centered around unlocking new growth opportunities and fostering investments in the virtual asset sector. We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy.
Following suit, Rain, another digital currency exchange, garnered its official permit in July, enabling it to roll out virtual asset brokerage and custodial solutions to the Emirati audience.
Abu Dhabi continues to fortify its position as a hub for digital asset enterprises, with M2 being the latest beneficiary of the region’s progressive regulatory landscape. As the UAE accelerates its pace in the crypto marathon, companies like M2 are set to play a pivotal role in shaping the country's digital financial future.
