GetBlock Magazine - What happened? The M2 crypto exchange will allow residents of the United Arab Emirates to buy and sell Bitcoin and Ethereum using national fiat currency in bank accounts. Using trading pairs on the M2 spot market, users can exchange Dirhams for BTC or ETH and vice versa. They will also be able to deposit and withdraw funds in fiat.

Cointelegraph material

What else is known? The exchange is licensed by the Financial Services Regulatory Authority (FSRA) to operate within a free trade zone called the Abu Dhabi International Financial Center (ADGM). On 16 August 2023, M2 received a license to provide trading and custody services to institutional and retail clients in the UAE.

M2 CEO Stefan Kimmel noted that the licensing process is complex due to high standards, but such due diligence increases customer confidence by ensuring that the platform complies with security and transparency standards.

According to the M2 team, integration with banking services will make it easier for users to adapt to changes in the market and increase the availability of virtual assets.

Kimmel noted that M2 is working to expand its business in the MENA region and integrate the cryptocurrency and traditional financial sectors as part of its customer offerings.

At the beginning of the year, ADGM began collaborating with the Solana network team for developments in the field of blockchain technology and the development of existing projects within the center.

In April, Dubai's digital assets regulator VARA began exploring the possibility of reducing the financial burden on small crypto startups.

In June, Dubai's financial regulator DFSA allowed the trading of units of foreign cryptocurrency exchange-traded funds (ETFs) within the Dubai International Financial Center (DIFC).

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