- M2 allows UAE residents to trade BTC and ETH directly from their bank accounts.
- Integration supports Dirham deposits, withdrawals and market-responsive trading.
- The UAE has strict regulations in place to ensure consumer protection and market transparency.
There has been a significant development in the United Arab Emirates (UAE) digital asset market. Popular cryptocurrency exchange M2 has announced that UAE residents can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using their bank accounts.
This new integration enables direct conversion of UAE Dirhams into BTC and ETH via M2’s spot market, marking a milestone in the accessibility of virtual assets in the region.
M2 users can seamlessly convert Dirhams to BTC and ETH and vice versa.
In an announcement shared with Cointelegraph, M2 Exchange highlighted that this new feature will allow users to seamlessly convert Dirhams into Bitcoin and Ether via trading pairs listed on the M2 Spot Market.
Additionally, the platform supports deposits and withdrawals in Dirham, giving users greater flexibility in managing their assets.
The M2 team emphasized that this integration will allow users to “quickly adapt to market changes” and easily convert their local currency into cryptocurrencies.
This is especially beneficial for retail investors who are not fully immersed in the intricacies of the trading environment.
According to M2, BTC and ETH are ideal entry points for new investors looking to enter the digital asset space due to their high familiarity and high trading volume.
The UAE has one of the most stringent regulatory frameworks in the world.
Regulated by the UAE government, which is known for its strict consumer protection measures, the move reflects the country’s commitment to protecting its residents in the changing cryptocurrency landscape.
The UAE has earned a reputation for having one of the world’s most stringent regulatory frameworks that prioritize consumer protection. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated greater transparency around cryptocurrency advertising to better protect consumers.
Additionally, the UAE introduced a federal law in 2023 to combat fraud in the cryptocurrency market, imposing fines of up to AED 10 million ($2.7 million) for violations.
Commenting on the integration, M2 executive Kimmel noted that ADGM’s licensing process is rigorous due to the high standards for licensing multilateral trading facilities. However, he asserted that this rigorous due diligence ensures that the licensed platform meets the country’s security and transparency standards, thereby strengthening trust among UAE users.
Despite the challenges associated with licensing procedures, the UAE remains a strategic location for the cryptocurrency industry.
Favorable tax policies, access to global markets, and a safe environment for innovation make the UAE an attractive destination for cryptocurrency businesses.
This new development by M2 will further increase the accessibility and attractiveness of virtual assets in the UAE, making it easier for residents to participate in the booming cryptocurrency market.