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M2 and eToro Get Approval to Offer Crypto Services in Dubai

UAE has been granting crypto licensing and embracing crypto in a dynamic way. It is important to note that ADGM has already shared a set of comprehensive rules and regulations for crypto and Web3 organizations in November.

ShahZaib Ahmed

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UAE favours crypto

M2 and eToro, the prominent crypto investment platforms working at the international level have now got the license to offer the crypto services in Dubai. This license was granted by the regulatory authorities of the United Arab Emirates (UAE) to operate in an international financial centre named Abu Dhabi Global Market (ADGM).

ADGM’s License is A Part of eToro’s Global Expansion

eToro is a well-renowned crypto investment platform that offers services from stocks to crypto at a global level and has been granted FSP (Financial Services Permission). Through this license or permission, eToro would be able to operate in Dubai as a broker for cryptocurrencies, derivatives and securities in the UAE.

Also Read: Komainu Is All Set To Offer Custody Services In Dubai As It Receives Regulatory Approval

Yoni Assia, the Chief Executive Officer (CEO) and founder of eToro says that this approval is a milestone for eToro’s global expansion journey.  In the last couple of months, eToro has marked its name by getting approval from several regulatory firms in different countries. Most significantly, eToro received CASP (Crypto Asset Service Provider) from the Securities and Exchange Commission of Cypress (CySEC) to offer crypto services in Europe.

M2 Gets Multilateral Trading Facility (MTF)

 M2, the UAE-based cryptocurrency exchange has also received recognition as a fully regulated custodian and Multilateral Trading Facility (MTF). This approval enables M2 to onboard both institutional clients and UAE residents. M2 crypto exchange is already offering crypto services in UAE like crypto custody, UAE dirham-based Ether (ETH) trading, Bitcoin (BTC) and on/off-ramp services for dirham.

Stefan Kimmel, the Chief Executive Officer of the M2 cryptocurrency exchange said that this approval came at the right timing as the crypto investors have positive sentiments for the rising crypto industry. Moreover, he admired that the UAE has been granting crypto licensing and embracing crypto in a dynamic way. It is important to note that ADGM has already shared a set of comprehensive rules and regulations for crypto and Web3 organizations in the early days of November 2023.

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