The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted financial services permission (FSP) to M2, a pioneering virtual assets firm headquartered in Abu Dhabi.
This milestone achievement paves the way for M2 to launch a cutting-edge multilateral trading facility later this year. Furthermore, it brings transformative opportunities for both retail and institutional clients.
A Futuristic Platform for Virtual Asset Transactions
The M2 platform, poised for its grand unveiling in the latter half of 2023, represents a year-long endeavor to establish the highest echelons of trust, security, and integrity within the burgeoning virtual asset class. The platform will empower clients with the ability to effortlessly engage in the buying, selling, and secure custody of virtual assets, ranging from stalwarts like Bitcoin (BTC) to the innovative Ethereum (ETH).
As part of its dynamic offering, the M2 platform will enable UAE-based users to seamlessly purchase cryptocurrencies using fiat currency, further democratizing access to the world of digital assets. Additionally, the platform’s scope extends beyond mere transactions, offering users a gateway to derivatives and yield services, thereby fostering a holistic and diverse experience.
A Collaborative Approach to Trust and Compliance
Stefan Kimmil, the visionary Chief Executive of M2, shared his thoughts on this landmark achievement, stating,
“The process of securing this license marks the first stride in our journey, and we are committed to maintaining an open and transparent dialogue with ADGM. Our paramount focus is to ensure the secure custody of client assets, aligning with ADGM’s impeccable regulatory framework.”
Kimmil continued,
“Over the last half-decade, ADGM’s regulatory landscape has effectively forged a path for entities within the virtual assets sector. M2 is dedicated to upholding these exceptional standards, echoing the pioneering spirit of the UAE as a global torchbearer in this dynamic domain.”
A Glimpse into ADGM’s Forward-Thinking Stance
The ADGM, renowned for its pioneering spirit, introduced a comprehensive virtual asset regulatory framework in 2018. This set the stage for innovation and responsible growth within the cryptocurrency realm. Since then, it has attracted numerous industry titans, establishing their businesses within its meticulously regulated financial economic zone.
Salem Al Darei, the dynamic CEO of ADGM Authority, expressed the organization’s commitment to progress, stating,
“Our core mission at ADGM revolves around unlocking novel avenues of growth and catalyzing investments in the virtual asset sector. This achievement underlines our dedication to bolstering Abu Dhabi’s digital asset landscape and actively fostering the diversification of our robust economy.”
A Legacy of Empowerment: ADGM’s Recent Milestones
Notably, this achievement follows ADGM’s earlier initiatives in the realm of virtual assets. In November 2022, the regulatory authority granted cryptocurrency exchange Binance an FSP, a culmination of the in-principle approval accorded in April.
Subsequently, the innovative cryptocurrency exchange Rain secured regulatory permission in July of the current year, poised to offer virtual asset brokerage and custody services to UAE users.
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