UAE Residents Can Now Convert Dirhams to Bitcoin and Ether Directly with M2 Integration

M2's latest integration empowers UAE residents to seamlessly convert dirhams into Bitcoin and Ether through the exchange's spot market. Announced recently, this feature allows users to buy and sell these cryptocurrencies directly from their bank accounts.

This integration means UAE residents can easily trade their dirhams for Bitcoin (BTC) and Ether (ETH), and vice versa, using M2’s trading pairs. Additionally, users will be able to deposit and withdraw dirhams, enhancing the flexibility of their transactions.

The M2 team emphasizes that this update enables users to quickly respond to market fluctuations by converting their local currency into digital assets efficiently.

This move is part of M2’s strategy to broaden its services in a dynamic market. The team views this development as a significant milestone in increasing the accessibility of virtual assets within the region.

“It marks a crucial step for M2 ADGM in our efforts to enhance our offerings for the MENA region and streamline the transition between traditional finance and digital assets,” stated Stefan Kimmel, CEO of M2.

Kimmel further explained that this integration allows UAE residents to leverage their existing banking services in conjunction with M2’s advanced features and security measures.

Moreover, he highlighted that the initiative is regulated by the UAE government, known for its stringent regulatory framework that emphasizes consumer protection.

M2 operates under a license from the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM), an international financial hub. Licensed on August 16, 2023, M2 provides both institutional and retail clients in the UAE with the ability to trade and hold digital assets on the platform.

Kimmel acknowledged the rigorous nature of the ADGM’s licensing process, noting that its high standards for multilateral trading facility permits ensure that licensed platforms adhere to the country’s robust security and transparency requirements. This stringent due diligence process helps build trust among UAE users in the platform’s reliability and compliance.