UAE Residents Can Now Trade Crypto via Bank Accounts

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M2 exchange introduces direct conversion of UAE dirhams to Bitcoin and Ether, marking a significant step towards integrating traditional banking with cryptocurrency in the United Arab Emirates.

In a groundbreaking move, cryptocurrency exchange M2 has announced that residents of the United Arab Emirates can now buy and sell Bitcoin and Ether directly using their bank accounts. This new integration enables users to convert UAE dirhams into cryptocurrencies seamlessly through M2’s spot market.

We are pleased to announce the launch of a highly anticipated feature: AED deposits & withdrawals are now available to UAE residents and businesses! 🇦🇪#M2 #AEDWithdrawals #AEDDeposits

Simplify your transactions: Buy & sell Bitcoin & Ethereum directly with… pic.twitter.com/aM8VQe6Wbi

— M2 (@M2Exchange) July 31, 2024

The digital asset custodian revealed that UAE residents can now trade BTC and ETH for dirhams and vice versa using trading pairs listed on M2’s platform. Additionally, users have the ability to deposit and withdraw dirhams, further bridging the gap between traditional finance and the crypto world.

M2’s team believes this integration will allow users to “swiftly adapt to market changes” by facilitating easy conversion between local currency and cryptocurrencies. This development is seen as a significant milestone in expanding the accessibility of virtual assets in the region.

Stefan Kimmel, CEO of M2, emphasized the importance of this step, stating, “It is a significant step for M2 ADGM as we work to expand our offering for the MENA region and reduce the friction in how clients can navigate between traditional finance and virtual assets.” He added that UAE residents can now trade using familiar banking services while benefiting from M2’s functions and security measures.

The move is also notable for its regulatory compliance. M2 is licensed by the Financial Services Regulatory Authority (FSRA), operating within the Abu Dhabi Global Market (ADGM), an international financial center. This licensing ensures that the platform adheres to one of the world’s strictest regulatory frameworks, prioritizing consumer protection.

M2 received its license on August 16, 2023, allowing both institutional and retail clients in the UAE to buy, sell, and custody digital assets on the platform. The rigorous licensing process underscores the high standards set by the ADGM for multilateral trading facility permits, instilling trust in UAE users that licensed platforms meet the country’s security and transparency standards.

This integration represents a significant step forward in the UAE’s journey towards embracing cryptocurrency while maintaining regulatory oversight, potentially setting a precedent for other regions looking to balance innovation with consumer protection in the digital asset space.

>> Also read: Global Crypto Regulation Guide H1 2024: EU, Japan, Singapore, UAE, and Hong Kong Updates