Key Takeaways
- Recently, eToro also secured approval from ADGM to operate as a broker for securities, derivatives, and cryptoassets in the UAE.
- Access to full onboarding services from M2 to be made available within two weeks for clients
Cryptocurrency trading and custodial platform M2 introduced its services to retail and institutional clients in the United Arab Emirates (UAE).
As a Multilateral Trading Facility (MTF) and Custodian regulated by the Financial Services Regulatory Authority (FSRA), M2 aims to provide a secure and regulated environment for buying, selling, and safeguarding virtual assets.
UAE clients can now register on M2’s platform, benefitting from a streamlined onboarding process within two weeks. The platform offers a range of services, including the trading and custody of virtual assets, with direct fiat on/off ramps facilitated by a reputable bank in the UAE. M2’s platform includes an Earn product that provides attractive yields of up to 10.5% on Bitcoin and Ethereum.
The move comes as part of M2’s strategic expansion, emphasizing its commitment to Environmental, Social, and Governance (ESG) principles and sustainable practices. The company’s leadership, including co-founder Bijan Alizadeh Fard and CEO Stefan Kimmel, brings a wealth of experience from organizations such as Phoenix Group, Kraken MENA, and Commercial Bank of Dubai.
M2 joins the likes of eToro, which recently secured approval from the Financial Services Regulatory Authority of Abu Dhabi Financial Markets Authority (ADGM) to operate as a broker for securities, derivatives, and cryptoassets in the UAE.
As the UAE continues to attract international crypto players with operational licenses, regulatory authorities are implementing comprehensive regulations to govern Web3 organizations. The Distributed Ledger Technology (DLT) Foundations Regulations 2023 aim to provide clarity for blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations expanding into DLT.
M2’s entry into the UAE market signals a growing interest in crypto services in the region, as it competes with established platforms like Binance, Rain, BitOasis, and Securrency, all holding licenses from the Financial Services Regulatory Authority (FSRA). Notably, the move follows Kraken’s decision to exit the UAE earlier this year by closing its Abu Dhabi office.
