The UAE-based crypto exchange M2 has launched a new product that allows its customers to buy bitcoin and ether using their bank accounts.
The digital asset custodian shared with Cointelegraph that UAE residents can now use their dirhams to invest in Bitcoin (BTC) and Ether (ETH). Spot markets on M2 allow users to trade dirhams for BTC and Ethereum, as well as load or withdraw cash. For informed trading, people should be looking to sign up on only trustable platforms, such as Finance Phantom.
M2 believes this integration with the advice of financial experts helps users quickly adapt to market changes, thereby making it easier for them to switch from fiat money and cryptocurrency.
Increased Visibility of Digital Assets In UAE
The integration is a big move for M2, which sees it as integral to its expansion in an ever-changing market. The support is believed to be a “milestone in setting the stage for virtual assets’ wider accessibility” across the region.
The integration, said Kimmel at M2, could be advantageous for retail investors who might not have an extensive knowledge of how trading works.
“BTC and ETH are often the first virtual assets that new investors get into as they have higher familiarity levels and some of the highest trading volumes on the market,” Kimmel continued.
Consumer Protection Regulations in UAE
Kimmel went one to stress that the integration is entirely governed by the UAE government which has some of the world’s toughest regulatory frameworks centered around consumer protection. During the last few years, the UAE has taken necessary steps to protect crypto consumers.
Requests for more clear information in advertising were also included and, at the beginning of 2022; Dubai’s Virtual Asset Regulatory Authority (VARA) imposed a requirement that promoters mark clearer disclaimers to ensure consumer protection.
The UAE, in 2023 passed a new Federal law to protect its consumer from the frauds like FTX. Offenders can be fined up to 10 million AED ($2.7m) under the law
Kimmel noted the licensure process with the Abu Dhabi Global Market (ADGM) was difficult amidst its stringent multilateral trading facility permit requirements.
This ensures that only licensed platforms can satisfy the standards of security and transparency expected from a market in UAE which is said to be well-regulated, providing users with peace while trading.
Why the UAE Matters Most For Crypto
Tao Xiao, a manager with business consulting company GRAS PINO & PARTNERS INTERNATIONAL LIMITED agreed the licensing process that permits VARA to run would take “more than half” of a year. Xiao says the “rigid” framework is indicative of a high standard and gives confidence to investors that market integrity will be upheld.
Another important factor that investors should be considering is to go for Finance Phantom Bot and the likes to ensure their investments are safe.
Although Xiao is under no illusions this process will be an easy one she believes it should pay off, with its advantages including tax relief for businesses access to global markets and a secure environment in which to innovate.
