- M2 ADGM introduces direct bank account transactions for UAE residents to buy and sell Bitcoin and Ethereum.
- The new feature allows easy conversion between UAE Dirhams and BTC/ETH, enabling users to quickly respond to market changes.
M2 ADGM, a virtual asset custodian and a Multilateral Trading Facility regulated by the Financial Services Regulatory Authority (FSRA) in ADGM, has introduced an easier way for UAE residents to buy and sell Bitcoin (BTC) and Ethereum (ETH).
This new option allows transactions directly through their bank accounts. This development marks an important step toward making virtual assets more accessible in the region and is a key achievement for M2 ADGM as they continue to enhance their offerings in a fast-changing market.
We are pleased to announce the launch of a highly anticipated feature: AED deposits & withdrawals are now available to UAE residents and businesses! 🇦🇪#M2 #AEDWithdrawals #AEDDeposits
— M2 (@M2Exchange) July 31, 2024
Simplify your transactions: Buy & sell Bitcoin & Ethereum directly with… pic.twitter.com/aM8VQe6Wbi
Additionally, this new feature allows UAE residents to easily and securely convert United Arab Emirates Dirhams (AED) into BTC and ETH, and vice versa, using trading pairs listed on M2's spot market. It also enables users to quickly respond to market changes during a significant period of growth in the virtual assets space, both in the UAE and globally.
“Through this compliant integration, UAE residents can enjoy the familiarity of their existing and trusted banking services, coupled with the cutting-edge security and functionality of our platform – all executed within one of the world’s strictest regulatory frameworks where consumer protection, technology, governance and custody are paramount,” said Stefan Kimmel, CEO of M2.
“It is a significant step for M2 ADGM as we work to expand our offering for the MENA region and reduce the friction in how clients can navigate between traditional finance and virtual assets.”
UAE has one of the world's strictest regulatory frameworks and over the years, the region has strengthened consumer safeguards in the crypto space.
In 2022, Dubai's Virtual Asset Regulatory Authority (VARA) required clearer advertising from marketers and promoters to protect consumers. In 2023, the UAE introduced a federal law to prevent fraud, with penalties of up to 10 million AED ($2.7 million) for violations.
According to Kimmel, ADGM's licensing process is rigorous, with high standards for multilateral trading facility permits. This thorough process ensures that licensed platforms meet the country's stringent security and transparency standards, allowing UAE users to trust these platforms.
Edited by Harshajit Sarmah
