Abu Dhabi Global Market’s Financial Services Regulatory Authority has permitted M2 (an entity dealing with digital assets) to offer multilateral trading within the capital of the United Arab Emirates. In an announcement made on the 16th of August, M2 (that is headquartered in Abu Dhabi) stated that the regulatory authorization would provide retail and institutional consumers within the United Arab Emirates with many services.
ADGM of Abu Dhabi Allows M2 to Offer Services Concerning Cryptocurrencies
In this respect, they will be able to custody, sell, and purchase digital assets taking into account Ethereum (ETH) and Bitcoin (BTC). The platform of M2 is planned to be launched in the latter period of the current year. It has been established during the last year. Its focus was on a long-term vision dealing with the development of the highest scales of integrity, security, and trust in the latest class of digital assets, according to the announcement.
After M2’s launch, the company will enable consumers in the UAE to purchase crypto assets with the use of fiat money. In addition to this, they will also be allowed to access yield and derivatives-related services. Stefan Kimmil (M2’s chief executive officer) commented on this move and said that the procedure of getting the license is the initial step of the platform’s journey. He added that the firm will closely cooperate with ADGM.
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
The Platform’s CEO Affirms that It Will Maintain Its Top Standards
According to the executive, this would guarantee transparency concerning the custody of the assets possessed by the consumers. The executive also mentioned that the regulatory agenda of ADGM has been offering clear rules to facilitate those who operate within the world of digital assets. Kimmil asserted that M2 will maintain its significant standards displaying the firm’s vision as the UAE continuously upholds its reputation in this sector.
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