Abu Dhabi Global Market (ADGM) has given an operational license to the digital asset company M2. This allows M2 to offer various digital asset services in the United Arab Emirates (UAE).
Abu Dhabi Global Market (ADGM) has given the green light for digital asset company M2 to operate in the United Arab Emirates (UAE). The operational license, issued by the Financial Services Regulatory Authority (FSRA), allows M2 to provide various digital asset services, including operating a trading platform and offering custody services to UAE residents.
Virtual Assets Trading platform, @M2Exchange, has been granted an FSP from #ADGM #FSRA, allowing #M2 to operate a dynamic multilateral trading facility and provide secure custody services for #virtual_assets to #UAE residents, catering to both institutional and retail clients.… pic.twitter.com/JuYjnsbvPY
— Abu Dhabi Global Market (@ADGlobalMarket) August 16, 2023
M2, a digital asset firm, has future plans to provide services for both individual and institutional investors. This includes allowing them to buy, sell, and hold digital currencies. The company’s platform, which prioritizes top-level security measures, has been in development in the UAE for almost a year.
M2’s CEO, Stefan Kimmel, expressed his satisfaction with obtaining the ADGM FSRA license, highlighting the regulator’s reputation. The license is the first step for M2, and the company will work closely with ADGM to ensure transparency in client asset custody.
Despite the license, M2 still needs regulatory approval for the full launch of its trading platform, expected by the end of the year. The company plans to expand its offerings to include derivatives and attractive yield products.
Stefan Kimmel is confident in M2’s compliance with UAE regulations and its ability to attract users due to the expertise of M2’s executives. The company’s virtual asset trading platform will maintain high standards while embracing the innovative spirit of the cryptocurrency and blockchain sector.
M2 will offer secure fiat transactions, and Kimmel mentioned future expansion plans into other regions, with the European Union as a target.
The ADGM and digital assets
ADGM, known for its versatile and business-friendly environment, has introduced a significant $2 billion initiative centered around Web3 technology. This comes as the free-trade zone revealed five core principles aimed at regulating digital currencies.
ADGM has harnessed blockchain to enhance its operational efficiency, notably in the simplification of Know Your Customer (KYC) procedures. In a notable move, ADGM’s courts have utilized blockchain to ensure secure and unchangeable judgments within its legal system.
The introduction of the Web3 initiative and the incorporation of blockchain technologies showcase ADGM’s commitment to innovation and its drive to foster a robust and secure business environment.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
