Residents of the United Arab Emirates (UAE) can now seamlessly trade cryptocurrencies using their bank accounts. The crypto exchange M2 has introduced a new integration that allows UAE residents to directly convert their dirhams into Bitcoin (BTC) and Ether (ETH). This move simplifies the trading process, enabling users to trade BTC and ETH for dirhams and vice versa through M2’s spot markets. Additionally, users can deposit and withdraw dirhams with ease.
Enhanced Market Adaptability and Accessibility
The M2 team believes this integration is a significant advancement for crypto accessibility in the region. By allowing direct conversions between dirhams and cryptocurrencies, users can quickly respond to market changes. Stefan Kimmel, CEO of M2, emphasized that this development reduces friction between traditional finance and virtual assets, making crypto trading more straightforward for UAE residents. Kimmel also highlighted that this initiative is regulated by the UAE’s stringent regulatory framework, ensuring consumer protection.
Regulatory Backing and Licensing
M2 is licensed by the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM). This license, granted on August 16, 2023, permits both institutional and retail clients to buy, sell, and custody digital assets on the platform. Kimmel noted that the rigorous licensing process in ADGM guarantees high standards of security and transparency, fostering trust among users.