Key Takeaways
- The virtual asset platform M2 has obtained a Financial Services Permission (FSP) license from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi.
- This license allows M2 to operate a platform for trading and custody of virtual assets, making it a significant player in the virtual asset market.
- M2’s approval enables them to offer both institutional and retail clients in the UAE the ability to engage in buying, selling, and storing virtual assets.
Exciting news from the world of virtual assets! M2, a new virtual asset platform, has just received the green light to operate in the Abu Dhabi Global Market (ADGM). The Financial Services Regulatory Authority (FSRA) has granted M2 a Financial Services Permission (FSP) license, allowing them to provide a platform for trading and custody services for virtual assets to residents in the United Arab Emirates (UAE).
M2 focuses on offering institutional and retail clients in the UAE the ability to buy, sell, and store virtual assets. The platform has been in the works for about a year, with the goal of establishing high levels of trust, security, and integrity in the world of virtual assets.
Stefan Kimmel, the CEO of M2, expressed his excitement about receiving this license and highlighted the rigorous standards set by ADGM’s regulatory framework. This marks the first step in M2’s journey, and they’re committed to keeping a transparent approach to the custody of client assets.
Salem Al Darei, CEO of ADGM Authority, welcomed M2 into the ADGM community and emphasized ADGM’s role in fostering growth and investments in the virtual assets sector. ADGM’s regulatory framework for digital assets has enabled this progress, and the addition of M2 contributes to the digital asset landscape in Abu Dhabi.
M2’s leadership team is composed of experienced professionals from various financial sectors, including fintech, cryptocurrency, and traditional finance. These professionals have worked with well-known organizations like Goldman Sachs, JP Morgan, and IBM. The M2 platform aims to maintain the standards of the financial industry while embracing the innovation of the cryptocurrency and blockchain sectors.
Pending regulatory approval, the M2 platform will launch later this year, offering UAE investors the chance to trade virtual assets like BTC and ETH. The platform will provide features common in institutional trading and secure options for fiat payments. M2 intends to expand its offerings to include derivatives and yield products as the platform evolves after launch.
This development underscores the growing interest and support for the virtual asset market and reflects Abu Dhabi’s commitment to being a key player in this exciting space. Stay tuned for more updates as M2 prepares to launch its trading platform.
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