Fun

News Feed - 2023-08-16 08:08:04

Hermi De Ramos12 hours agoAbu Dhabi grants virtual asset firm M2 permission to offer crypto servicesThe M2 platform will launch later in 2023, allowing UAE-based retail and institutional clients to buy, sell and custody digital assets.2957 Total views5 Total sharesListen to article 0:00NewsJoin us on social networksThe Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted financial services permission to virtual asset firm M2 to operate a multilateral trading facility from the United Arab Emirates capital.


In an Aug. 16 announcement, the Abu Dhabi-headquartered M2 said the regulatory approval would allow institutional and retail clients in the UAE to “buy, sell and custody virtual assets,” such as Bitcoin (BTC) and Ether (ETH).


The M2 platform, which is scheduled to launch later in 2023, has been developed over the past year with a long-term vision to establish “the highest levels of trust, security and integrity in the emerging virtual asset class,” the announcement said.


Once live, the M2 platform will also allow UAE users to buy cryptocurrencies using fiat money, as well as access to derivatives and yield services.


“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,” said Stefan Kimmil, the CEO of M2.


Cointelegraph reached out to M2 and the ADGM for further comments but didn’t receive an immediate response.Virtual Assets Trading platform, @M2Exchange, has been granted an FSP from #ADGM #FSRA, allowing #M2 to operate a dynamic multilateral trading facility and provide secure custody services for #virtual_assets to #UAE residents, catering to both institutional and retail clients.… pic.twitter.com/JuYjnsbvPY— Abu Dhabi Global Market (@ADGlobalMarket) August 16, 2023


“Over the past five years, the ADGM regulatory framework has established clear rules for those operating in the virtual assets sector, and M2 will uphold the highest standards to reflect their vision as the UAE continues to affirm its reputation as a global leader in this space,” he added.


Related: Uzbekistan permits two banks to issue crypto cards


The ADGM introduced a comprehensive virtual asset regulatory framework in 2018. It has since attracted a number of major companies dealing with cryptocurrencies to set up businesses in its regulated financial and economic zone.


“At ADGM, our mission has always been centered around unlocking new growth opportunities and fostering investments in the virtual asset sector, ADGM CEO Salem Al Darei said. “We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy,” he added.


In November 2022, the ADGM awarded cryptocurrency exchange Binance financial services permission after being granted in-principle approval from the financial watchdog in April.


Subsequently, cryptocurrency exchange Rain received similar regulatory permission in July 2023 to offer virtual assets brokerage and custody services to UAE users.# Cryptocurrencies# UAE# Middle East# DeFi# RegulationAdd reactionAdd reactionRelated NewsWhat is an atomic swap, and how does it work?From the U.S. to Japan, regulators are beginning to embrace cryptoCoin Center and Blockchain Association slam ‘unworkable’ US Senate DeFi bill

News Feed

Turner Wright8 hours agoJudges weigh early release for Sam Bankman-Fried as lawyers push First Amendment issues: ReportA panel of three judges at the 2nd U.S. Circuit Court of Appeals in New York reportedly will consider
Latvian Extradited to US for Wire Fraud Involving Crypto Investments
Latvian Extradited to US for Wire Fraud Involving Crypto Investments A Latvian national has been handed over to the United States where he is accused of fraud through several compa
Tom Mitchelhill6 hours agoTime to ‘pull the brakes’ on Ethereum and rotate back to Bitcoin: K33 report“The gravitational pull in crypto for the time being stays in BTC,” said K33 senior analyst Vetle Lunde.5703 T
Turkey’s Inflation Rate Surges to 70%, Monthly Rate of Change Now 7.25%
Turkey"s Inflation Rate Surges to 70%, Monthly Rate of Change Now 7.25% The latest data from the Turkish Statistical Institute (TSI) shows that rising transportation and food costs
Bitcoin Hashrate Spikes to 120 Exahash: Difficulty Drops Allowing Miners to Rejoin the Competition
Bitcoin Hashrate Spikes to 120 Exahash: Difficulty Drops Allowing Miners to Rejoin the CompetitionThe Bitcoin hashrate is up this weekend after the network experienced it’s fo
Brussels Wants All Crypto Service Providers to Report Transactions of Europeans
Brussels Wants All Crypto Service Providers to Report Transactions of Europeans The European Commission has set out to oblige platforms processing crypto transactions for EU reside
Venezuela bans crypto mining to protect power grid
Amaka Nwaokocha52 minutes agoVenezuela bans crypto mining to protect power gridThis move follows a recent crackdown that involved confiscating 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.
Are Bitcoin Bears Losing Out? $31 Million Wiped Out In BTC Shorts Liquidation
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally
Este artículo también está disponible en español. Solana (SOL) recently saw its market cap surge past $100 billion, setting the stage for a potential all-time high (ATH)
Ana Paula Pereira3 hours agoCrypto Biz: Kraken offers stock trading as exchanges adapt to changing regulationsThis week’s Crypto Biz explores Kraken’s securities arm, Gemini’s expansion in India, Binance’s return
Celsius Clients Beg Bankruptcy Court to Release Crypto, One Customer Needs Funds to ‘Put Food on the Table’
Celsius Clients Beg Bankruptcy Court to Release Crypto, One Customer Needs Funds to "Put Food on the Table" After the crypto lender Celsius filed for bankruptcy protection on July
Ana Paula Pereira2 hours agoVanEck amends application for spot Bitcoin ETFVanEck joins the group of asset managers updating applications for a spot Bitcoin ETF in the United States.3187 Total views7 Total sharesListen to