M2, a crypto exchange, has rolled out a new feature for UAE residents. It's a game-changer. Users can now buy and sell Bitcoin and Ether using their bank accounts.
The integration allows direct conversion of dirhams to crypto. It's a big deal. Users can trade BTC and ETH for dirhams and vice versa on M2's spot markets. They can also deposit and withdraw dirhams.
M2 thinks this move will help users react quickly to market changes. It's all about flexibility. Converting local currency to crypto just got a whole lot easier.
The exchange sees this as a milestone for the UAE. It's widening access to virtual assets in the region. M2 is adapting to a fast-changing landscape.
Karl Kimmel, an M2 exec, spoke to Cointelegraph about the integration. He reckons it'll be a big help for everyday investors. Especially those who aren't crypto pros.
"BTC and ETH are the go-to virtual assets for newbies," Kimmel said. It's all about familiarity and high trading volumes.
The UAE government is keeping a close eye on things. Kimmel calls their regulatory framework one of the world's strictest. Consumer protection is a top priority.
The UAE has been upping its game in crypto consumer protection. In 2022, Dubai's Virtual Asset Regulatory Authority (VARA) cracked down on misleading ads. They wanted more clarity for consumers.
Last year, the UAE introduced a new federal law to protect consumers. It's aimed at preventing FTX-like fraud. Violators could face fines of up to 10 million AED ($2.7 million). That's no small change.
Kimmel previously praised the ADGM's tough licensing process. It's demanding, but it builds trust. Users can be confident that licensed platforms meet high standards.
The UAE continues to be a strategic region for crypto. Tao Xiao, a business consultant, told Cointelegraph that VARA's licensing process can take up to a year. It's a slog, but it shows the region's commitment to market integrity.
Despite the challenges, Xiao thinks it's worth the hassle. The perks? Favorable tax policies, global market access, and a safe space for innovation. It's a sweet deal for those willing to jump through the hoops.