The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) announced that it has granted financial services permission (FSP) to M2, a virtual assets firm.
On August 16, the Abu Dhabi-based company M2 made an announcement regarding regulatory approval. This approval will enable institutional and retail clients within the UAE to engage in activities related to virtual assets. These activities include buying, selling, and safely storing virtual assets such as Bitcoin (BTC) and Ethereum (ETH).
The development of the M2 platform over the past year with a focus on establishing high levels of trust, security, and integrity in the emerging virtual asset class reflects a commitment to providing a reliable and reputable platform for users.
Stefan Kimmel, CEO of M2 said, “Over the past five years, the ADGM regulatory framework has established clear rules for those operating in the virtual assets sector and M2 will uphold the highest standards to reflect their vision as the UAE continues to affirm its reputation as a global leader in this space.”
In 2018, the Abu Dhabi Global Market (ADGM) created a set of rules and guidelines to manage and control virtual assets like cryptocurrencies. It made ADGM an attractive place for big companies that deal with cryptocurrencies because they could now operate within a well-regulated area. This move helped ADGM bring in these major companies to start their businesses there.
Salem Al Darei, Chief Executive Officer of ADGM Authority, said in a statement, “We are delighted to welcome M2 to ADGM’s international virtual asset community, further solidifying ADGM’s position as a leading International Financial Centre and a catalyst for business expansion.”
M2 has been given the green light to let both regular people and big organizations in the UAE buy, sell, and store virtual assets. As the platform will allow UAE users to buy cryptocurrencies using fiat money, it could potentially bridge the gap between traditional financial systems and the world of cryptocurrencies.
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