UAE residents can now trade crypto directly with their bank accounts

Crypto exchange M2 announced that it will allow residents in the United Arab Emirates to buy and sell Bitcoin and Ether directly using their bank accounts. 

In an announcement shared with Cointelegraph, the digital asset custodian said that the new integration allows UAE residents to directly convert their dirhams into Bitcoin ( BTC ) and Ether ( ETH ). Through trading pairs listed on M2’s spot markets, users can trade BTC and ETH for dirhams and vice versa. In addition, users can also deposit and withdraw dirhams. 

The M2 team believes that the new integration enables users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto. 

Wider accessibility of virtual assets in the region

According to M2, the new integration allows the exchange to expand its offerings amid a rapidly evolving landscape. The team also believes the new integration is a milestone for the “wider accessibility of virtual assets in the region.”

“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,” said M2 CEO Stefan Kimmel.

Kimmel also explained that with the integration, UAE residents can trade using familiar banking services along with M2’s functions and security.

In addition, the executive highlighted that this move is also regulated by the UAE government, which he described as one of the world’s “strictest regulatory frameworks” that prioritizes consumer protection.

Related: Dubai does for crypto what Silicon Valley did for tech — Gov’t affairs firm CEO

M2 licensed in the ADGM

The exchange is licensed by the Financial Services Regulatory Authority (FSRA), an entity that supports and facilitates financial activities in the Abu Dhabi Global Market (ADGM), an international financial center. M2 received its license on Aug. 16, 2023, allowing institutional and retail clients in the UAE to buy, sell and custody digital assets using the platform.

Kimmel previously said that the ADGM’s licensing process was demanding because of its high standards for multilateral trading facility permits. However, the executive also said that this due diligence allows UAE users to trust that licensed platforms meet the country’s security and transparency standards.

Magazine: Web3 Gamer: Axie Infinity creator wants to ditch Discord, SocialFi boosts gaming revenue