eToro and M2 Gain Regulatory Nod for Crypto Services in UAE

The Abu Dhabi Global Market (ADGM), the UAE’s international financial hub, has approved eToro and M2, two investing platforms. This is a big move for the country’s cryptocurrency environment. The clearance was granted by the ADGM Financial Services Regulatory Authority.

eToro Secures Financial Services Permission

A Financial Services Permission (FSP) has been given to eToro, a well-known cryptocurrency investing platform, enabling it to function as a broker for securities, derivatives, and cryptocurrency assets. The creator and CEO of eToro, Yoni Assia, celebrated its approval calling it “a key milestone in our continued global expansion.” This is in addition to eToro’s September registration as a Crypto Asset Service Provider (CASP) with the Cyprus Securities and Exchange Commission (CySEC), which highlights the need of obtaining operational licenses for international growth.

The cryptocurrency exchange M2, on the other hand, has been acknowledged as a fully licensed Multilateral Trading Facility (MTF) and custodian. With this acknowledgment, M2 is able to onboard institutional clients as well as people of the UAE. M2 CEO Stefan Kimmel noted that the license was issued on schedule, which is in perfect harmony with the recent improvement in market mood. M2’s offerings in the United Arab Emirates will include cryptocurrency custody, Bitcoin and Ether trading in relation to the UAE dirham, and local currency on/off-ramp services.

Both eToro and M2 have made significant progress in growing their cryptocurrency services in the United Arab Emirates with the clearance from the ADGM Financial Services Regulatory Authority. These platforms may offer a wider range of services to institutional and retail clients with regulatory certainty, which will support the expanding acceptance of cryptocurrencies in the region.