Residents of the United Arab Emirates have a new way to engage with cryptocurrencies through their bank accounts, with crypto exchange M2’s strategic move. The platform now supports direct transactions using UAE dirhams to buy and sell Bitcoin and Ether. This service uses the exchange’s spot market, enabling the conversion of local currency into cryptocurrencies and vice versa.
Details of the Integration
The integration introduced by M2 allows users to both deposit and withdraw dirhams, streamlining the process of trading virtual assets. With this new service, UAE residents can quickly adapt to market changes, converting dirhams into Bitcoin and Ether without intermediary steps.
Expansion and Regulatory Compliance
M2’s initiative marks a stride toward increasing the accessibility of virtual assets in the MENA region. Stefan Kimmel, CEO of M2, stated that this development is part of their broader effort to merge traditional financial services with the flexibility of digital currencies, all within a framework supported by the UAE’s strict regulatory standards.
UAE-Based Scammer’s Extradition to the US Evokes Questions on UAE’s Non-Extradition StatusThe Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) licenses and oversees the operation of exchanges like M2. The licensing process, known for its rigorous standards, assures users that the services provided by M2 meet the UAE’s requirements for security and transparency.
Future Outlook
This new capability is set to alter how UAE residents interact with digital assets, providing a seamless transition between fiat and cryptocurrencies. Recently, it was announced by InternetShine Technologies that the seventh edition of the FiNext Conference, set to take place in Dubai.
Hosted by InternetShine Corporation USA the event is scheduled for February 12-13, 2025, at the Le Meridien Dubai Hotel & Conference Center. This event will bring together over 1,000 industry leaders, investors, startups, fintech firms, banks, and government agencies, creating a unique platform for networking, education, and innovation in financial services
