Crypto exchange M2 enables UAE residents to buy and sell Bitcoin and Ether directly through their bank accounts, converting dirhams into crypto.
According to an announcement shared with Cointelegraph, the digital asset custodian has announced that the new integration enables UAE residents to convert their dirhams into Bitcoin directly.
Users can trade BTC and ETH for dirhams and vice versa through trading combinations listed on M2’s spot markets. Furthermore, users can deposit and withdraw dirhams.
The M2 team thinks that the new integration will enable users to “swiftly adapt to market changes,” thereby facilitating the conversion of their local currency into cryptocurrency.
The exchange is able to broaden its offerings in the face of a swiftly changing landscape as a result of the new integration, as per M2. The team also regards the new integration as a significant milestone in the “expansion of virtual asset accessibility in the region.”
Stefan Kimmel, CEO of M2 ADGM, stated, “It is a substantial advancement in our efforts to broaden our product line for the MENA region and minimize the friction that clients encounter when transitioning between traditional finance and virtual assets.”
Kimmel also clarified that the integration will enable UAE residents to trade using their existing banking services, in addition to M2’s security and functionality.
The executive also emphasized that the UAE government regulates this action, which he characterized as one of the “strictest regulatory frameworks” in the world, with a focus on consumer protection.
An entity that supports and facilitates financial activities in the Abu Dhabi Global Market (ADGM), an international financial center, the exchange is licensed by the Financial Services Regulatory Authority (FSRA).
On August 16, 2023, M2 was granted a license that enables institutional and retail clients in the United Arab Emirates to acquire, dispose of, and manage digital assets through the platform.
Kimmel previously stated that the ADGM’s licensing procedure was difficult due to its stringent requirements for multilateral trading facility permits.
Nevertheless, the executive also stated that this thorough diligence enables UAE users to have confidence that licensed platforms adhere to the country’s security and transparency standards.