ADGM Grants Virtual Asset Trading License to M2

M2 has been granted an official Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

This license positions M2 as a pioneer in the emerging virtual asset sector, allowing it to operate a multilateral trading facility and offer custody services exclusively to UAE residents.

The M2 platform is now poised to offer both institutional and retail clients in the UAE a unique opportunity to engage with virtual assets.

"The M2 team is delighted to have received confirmation of the ADGM FSRA license as it represents the approval of one of the most sophisticated and respected regulators in the world. The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets," Stefan Kimmel, the CEO of M2 said.

Echoing the same sentiment Salem Al Darei, Chief Executive Officer of ADGM Authority, said, "We are delighted to welcome M2 to ADGM's international virtual asset community, further solidifying ADGM's position as a leading International Financial Centre and a catalyst for business expansion. At ADGM, our mission has always been centered around unlocking new growth opportunities and fostering investments in the virtual assets sector."

"By integrating companies like M2 into our ecosystem, we remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy", he explained.

Subject to regulatory approval, M2 platform is anticipated to launch in UAE later this year.

Market-leading virtual assets such as BTC and ETH will be available for purchase, accompanied by institutional-grade trading features and a secure on and off-ramp for fiat payments.

(Source: Arabian Business)