The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has awarded virtual asset firm M2 financial services authorization to operate a multilateral trading facility from the UAE capital. According to the regulator, the ADGM license permits M2 to give institutional and retail clients in the UAE the capacity to purchase and trade virtual assets. Additionally, it grants them the authority to keep custody of virtual assets such as Bitcoin (BTC) and Ethereum (ETH).
The platform aims to create the highest levels of trust, security, and integrity in the emerging virtual asset class. Moreover, the M2 platform will allow Dubai citizens to purchase cryptocurrencies using fiat cash. Access to derivatives and yield services will also be available. The platform will launch later in 2023.
“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,” said Stefan Kimmil, the CEO of M2.
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
“At ADGM, our mission has always been centered around unlocking new growth opportunities and fostering investments in the virtual asset sector, ADGM CEO Salem Al Darei said. “We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy,” he added.
The M2 team is currently focusing on the upcoming launch of the platform and its intended features. Their objective is to establish a globally authorized exchange. Furthermore, according to the executive, the virtual asset firm has commenced licensing procedures in various European nations.