M2, a virtual asset firm based in Abu Dhabi, has received a financial services license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a multilateral trading facility in the capital of the United Arab Emirates. This regulatory approval, announced on August 16, enables M2 to offer both institutional and retail clients in the UAE the ability to trade and hold virtual assets like Bitcoin and Ethereum.
Scheduled for launch later in 2023, the M2 platform has been under development for a year with the overarching goal of establishing a foundation of trust, security, and integrity in the emerging virtual asset class. In addition to facilitating the buying and selling of cryptocurrencies cies, the M2 platform will permit UAE users to acquire digital currencies using fiat currencies. It will also provide access to derivatives and yield services.
Stefan Kimmil, the CEO of M2, highlighted that this licensing process marks the initial stage of their journey, emphasizing the commitment to transparency in safeguarding clients' assets. Kimmil further expressed the company's intent to work closely with ADGM to ensure regulatory compliance. ADGM, Over the past five years, has developed a robust regulatory framework for the virtual asset sector, attracting major players in the cryptocurrency industry to conduct business within its regulated financial and economic zone.
Salem Al Darei, the CEO of ADGM, emphasized the organization's mission of fostering growth opportunities and encouraging investment in the virtual asset space as part of diversifying the evolving economy. Notably, ADGM granted a license to Binance Financial Services, a cryptocurrency exchange, in November 2022 after receiving initial approval from financial regulators in April of that year.
