- Project Sela, a CBDC venture, combines private sector agility with central bank oversight.
- The introduction of “Access Enablers” promises heightened competition and reinforced security.
Abu Dhabi’s Financial Services Regulatory Authority (FSRA), operating under the Abu Dhabi Global Market (ADGM), has given the green light for M2, a virtual asset firm, to establish a multilateral trading facility within the UAE’s capital. This pivotal regulatory approval now allows both institutional and retail clients in the region to engage in buying, selling, and securely holding virtual assets, including prominent cryptocurrencies like Bitcoin and Ether.
Pioneering the Path for Virtual Asset Trading
The M2 platform, launching later this year, has been carefully laid out over the past year. Its main goal is to create an environment of unmatched trust, security, and integrity in the growing virtual asset landscape.
The M2 platform will give UAE users a complete experience when it launches. It will allow fiat currency purchases of cryptocurrencies and provide derivatives and yield services.
Strategically Positioned for the Future
M2’s CEO, Stefan Kimmil, highlighted that the licensing process signifies the beginning of their journey. Their dedication involves ensuring transparent communication with ADGM to ensure the utmost safety and custody of client assets. He stressed their commitment to high standards, reflecting the UAE’s determination to become a virtual asset leader.
ADGM has continually fortified its position as a beacon for the virtual asset sector. The region’s 2018 comprehensive regulatory framework has attracted major cryptocurrency companies, making it a hub for regulated crypto financial and economic activities.
Salem Al Darei, CEO of ADGM, highlighted their commitment to nurturing growth and investments within the virtual asset sector. He stressed the importance of ADGM in boosting Abu Dhabi’s digital asset landscape and diversifying its thriving economy.
This development comes on the heels of Binance securing financial services permission from ADGM in November 2022 and Rain, another cryptocurrency exchange, acquiring similar regulatory clearance in July 2023, solidifying the UAE’s position as a thriving hub for the virtual asset industry.
You may also like: Microsoft Partners with Aptos Labs to Boost AI with Blockchain