24 September 2023

Digital Technology Guru

Digital Technology Guru Reviews

M2 Receives Operational License to Provide Digital Asset Services in the UAE

2 min read
M2 Receives Operational License to Provide Digital Asset Services in the UAE

Abu Dhabi Global Market (ADGM) has granted an operational license to digital asset firm M2, allowing it to offer a wide range of digital asset services in the United Arab Emirates (UAE). The license, issued the Financial Services Regulatory Authority (FSRA), permits M2 to operate a multilateral trading facility and offer custody services to UAE residents.

M2 plans to roll out services for both retail and institutional investors, enabling them to buy, sell, and hold digital currencies. The platform, which has been under development in the UAE for nearly 12 months, prioritizes military-grade security to protect investor funds.

M2 CEO Stefan Kimmel expressed his satisfaction with receiving the ADGM FSRA license. He emphasized the importance of obtaining approval from one of the most sophisticated and respected regulators in the world. Kimmel also highlighted that this is just the first step in M2’s journey and that the company will maintain transparent communication with ADGM regarding the custody of client assets.

While M2 has obtained the license, it still requires regulatory approval for the full-scale launch of its trading platform, scheduled for release the end of the year. Kimmel revealed the company’s interest in expanding its offerings to include derivatives and a market-leading yield product.

M2 aims to ensure compliance with existing regulations in the UAE while attracting users to its platform. The company’s executives possess extensive experience in both Web3 and traditional finance, positioning M2 for success in the UAE.

In addition to providing access to leading digital assets, M2 plans to offer other benefits to users, such as a secure on and off-ramp for fiat transactions. The company also has plans to expand its services to other jurisdictions, with the European Union being a specific target.

ADGM, known as an industry-agnostic and ideal business ecosystem, recently announced a $2 billion Web3 initiative and unveiled five guiding principles for regulating digital currencies. The free-trade zone has already integrated blockchain technology into its operations, particularly in streamlining Know Your Customer processes. ADGM courts have also embraced blockchain for providing secure and immutable judgments.

– Abu Dhabi Global Market (@ADGlobalMarket): Twitter
– Saeed Mohammed: Developing strategies for blockchain technology in the UAE (YouTube video)