Abu Dhabi approves virtual asset trading platform

M2, a virtual assets trading platform based in the UAE, has been granted a financial services permission (FSP) licence from the Abu Dhabi Global Market.

This enables the firm to operate a multilateral trading facility as well as crypto custody services to any retail or institutional clients based in the UAE.

M2 CEO described the award as the “first step on our journey”, adding that the firm will “remain in close dialogue with ADGM to ensure transparency around the custody of client assets”.

The platform is yet to launch, but it is hoping to do so before the end of the year, provided it meets all other regulatory requirements.

The UAE has issued a number of FSP licences in recent months, including the world’s biggest crypto exchange Binance, which received its licence in November 2022.

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