The cryptocurrency exchange M2 has declared that it will let citizens of the United Arab Emirates use their bank accounts to immediately purchase and sell Bitcoin and Ether.
The digital asset custodian said to Coin telegraph that the new connection enables residents of the United Arab Emirates to change their dirhams directly into Bitcoin (BTC) tickers down $64,485 and Ether (ETH) tickers down $3,176.
Users can exchange Bitcoin and Ethereum for dirhams and vice versa by using trading pairings that are listed on M2’s spot marketplaces. Users can also make deposits and withdrawals in dirhams.
According to the M2 team, customers will be able to convert their local currency into cryptocurrency with ease and be able to “swiftly adapt to market changes” thanks to the new connection.
Increased Availability of Virtual Resources in the UAE
As per M2, the latest integration enables the exchange to broaden its range of offerings amidst a swiftly changing environment. Additionally, the team feels that the new integration marks a significant advancement toward “wider accessibility of virtual assets in the region.”
The new integration, according to Kimmel, may also benefit regular investors, particularly those who are not “fully entrenched” in the subtleties of the trading environment, as reported by Coin telegraph.
“BTC and ETH tend to be the go-to virtual assets for entry-level investors looking to get involved in the space due to higher levels of familiarity and some of the highest trading volumes on the market,” Kimmel continued.
UAE has some of the “strictest” Consumer Protection laws in the World.
The CEO further emphasized that the UAE government, which he called one of the “strictest regulatory frameworks” in the world and which places a strong priority on consumer protection, is in charge of regulating this action.
The UAE has worked to better secure cryptocurrency users over the years. In order to better protect consumers, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated in 2022 that marketers and promoters provide more clarity in their ads.
A new federal regulation aimed at safeguarding customers and discouraging FTX-like businesses from trying to perpetrate fraud in the UAE was established in 2023. In addition, violators may face fines from the government of up to 10 million AED ($2.7 million).
Kimmel has previously stated that the rigorous licensing procedure for the ADGM was due to its strict requirements for authorization to operate multilateral trading facilities. But the CEO added that UAE users may be assured by this due diligence that platforms with licenses comply with the nation’s security and transparency requirements.
The executive feels that the region’s commitment to protecting investors and upholding market integrity is reflected in the “tight” framework.
The executive thinks the procedure is worthwhile even though it is challenging. Access to international markets, advantageous tax laws, and a secure atmosphere for innovation are some of the advantages.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
