M2 Crypto Exchange Launches BTC and ETH Buy with Fiat in the UAE
Date: 2024-08-01 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS, BUSINESS
Cryptocurrency exchange M2 has announced the launch of a new feature allowing residents of the United Arab Emirates (UAE) to buy and sell Bitcoin (BTC) and Ethereum (ETH) using the national fiat currency, the dirham. Users can now exchange dirhams for BTC or ETH and vice versa using trading pairs on the M2 spot market. They will also be able to deposit and withdraw funds in fiat, which will significantly simplify the process of interacting with cryptocurrencies for locals.
Licensing and Security
M2 is licensed by the Financial Services Regulatory Authority (FSRA) and operates within the free economic zone of the Abu Dhabi International Financial Centre (ADGM). On August 16, 2023, M2 received a license to provide trading and custody services to both institutional and retail clients in the UAE. M2 CEO Stefan Kimmel noted that the licensing process was complex due to the high standards, but such due diligence increases customer confidence and ensures that the platform meets security and transparency standards.
The M2 team is confident that the integration with banking services will make it easier for users to adapt to changes in the market and increase the accessibility of virtual assets. The introduction of this feature is aimed at simplifying the process of buying and selling cryptocurrencies for UAE residents, which will make the use of digital assets more convenient and safe.
M2 Strategic Plans
According to Stefan Kimmel, M2 is actively working on expanding its business in the MENA (Middle East and North Africa) region and aims to combine the crypto and traditional financial sectors as part of its offerings to clients. This strategic direction includes the creation of new products and services that will help users more easily integrate into the digital economy.
Earlier this year, ADGM began collaborating with the Solana network team to develop and advance blockchain technology within the center. This collaboration aims to create and support innovative blockchain projects, thereby strengthening the UAE’s position as a leading hub for cryptocurrency and financial technology.
Regulatory Initiatives
In April, Dubai’s digital asset regulator, VARA, began exploring the possibility of reducing the financial burden on small crypto startups. In June, Dubai’s financial regulator, DFSA, allowed foreign cryptocurrency exchange-traded funds (ETFs) to be traded within the Dubai International Financial Center (DIFC). These initiatives demonstrate the UAE’s commitment to creating a favorable environment for the development of the crypto industry and attracting new investors.
The launch of the BTC and ETH purchase function for fiat on the M2 crypto exchange is an important step in the development of the UAE’s crypto ecosystem. Licensing and high security standards ensure user trust, while integration with banking services simplifies access to digital assets. Strategic plans to expand business in the MENA region and develop blockchain technologies in collaboration with leading projects such as Solana confirm M2’s ambition to become a key player in the cryptocurrency services market.
