United

Bitcoin

Axie Infinity

Dubai

Update July 31, 11:17 am UTC: This article has been updated to add comments from&nbsp;M2 CEO Stefan Kimmel. 
Crypto exchange M2 announced that it will allow residents in the United Arab Emirates to buy and sell Bitcoin and Ether directly using their bank accounts.&nbsp;
In an announcement shared with Cointelegraph, the digital asset custodian said that the new integration allows UAE residents to directly convert their dirhams into Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>). Through trading pairs listed on M2’s spot markets, users can trade BTC and ETH for dirhams and vice versa. In addition, users can also deposit and withdraw dirhams.&nbsp;
The M2 team believes that the new integration enables users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.&nbsp;
<h2 id="wider-accessibility-of-virtual-assets-in-the-uae">Wider accessibility of virtual assets in the UAE</h2>
According to M2, the new integration allows the exchange to expand its offerings amid a rapidly evolving landscape. The team also believes the new integration is a milestone for the “wider accessibility of virtual assets in the region.” 
Kimmel told Cointelegraph that the new integration could also help everyday investors, especially those who are not “fully entrenched” in the nuances of the trading environment. 
“Due to higher levels of familiarity and some of the highest trading volumes on the market, BTC and ETH tend to be the go-to virtual assets for entry-level investors looking to get involved in the space,” Kimmel added. 
<h2 id="uae-is-one-of-the-world-s-strictest-in-consumer-protection">UAE is one of the world’s “strictest” in consumer protection</h2>
In addition, the executive highlighted that this move is also regulated by the UAE government, which he described as one of the world’s “strictest regulatory frameworks” that prioritizes consumer protection. 
Throughout the years, the UAE has tried to better protect consumers in crypto. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) <a href="https://cointelegraph.com/news/dubai-issues-crypto-marketing-rules-to-better-protect-investors">required marketers and promoters</a> to provide more clarity in their advertisements to better protect consumers. 
In 2023, the UAE <a href="https://cointelegraph.com/news/lawyer-explains-new-federal-virtual-asset-law-in-the-united-arab-emirates">established a new federal law</a> dedicated to protecting consumers and preventing FTX-like entities from attempting to commit fraud in the country. The government will also impose sanctions of up to 10 million AED ($2.7 million) in fines for violators. 
Kimmel also <a href="https://cointelegraph.com/news/abu-dhabi-gives-virtual-asset-firm-m2-permission-to-offer-crypto-services">previously said</a> that the ADGM’s licensing process was demanding because of its high standards for multilateral trading facility permits. However, the executive also said that this due diligence allows UAE users to trust that licensed platforms meet the country’s security and transparency standards. 
Related: <a href="https://cointelegraph.com/news/dubai-crypto-licensing-regime-professionals">Dubai crypto watchdog aims to ease burdens for small entities</a>
<h2 id="uae-continues-to-be-a-strategic-region">UAE continues to be a strategic region</h2>
In a previous Cointelegraph interview, business consulting firm executive Tao Xiao said that VARA’s licensing process <a href="https://cointelegraph.com/news/dubai-crypto-licensing-regime-professionals">could take up to a year</a> to complete. The executive believes the "stringent" framework reflects the region’s dedication to maintaining market integrity and guarding investors. 
While the process is difficult, the executive believes it's worth it. The benefits include favorable tax policies, access to global markets and a safe environment for innovation. 
Magazine: <a href="https://cointelegraph.com/magazine/socialfi-gaming-revenue-sky-mavis-discord-metarun-review-web3-gamer/">Web3 Gamer: Axie Infinity creator wants to ditch Discord, SocialFi boosts gaming revenue</a>

UAE residents can now trade crypto directly with their bank accounts

Table of Contents

Cointelegraph

Other articles published on Jul 31, 2024

Worldcoin Expands to Austria Amid Growing European Presence

Stellar (XLM) Feeling The Strain as Solana (SOL) Accelerates Towards Ethereum: Crypto Casino Roll...

California DMV’s Avalanche blockchain adoption is a big win for crypto

T-Mobile Reports Q2: Beats EPS Expectations by $0.21

Can Cardano’s Chang hardfork spur ADA’s price action again?

Is PePe Moonraker ($PMRK) the Next Big Meme Craze? Predicting Massive 1000x Returns!

Join our free newsletter for daily crypto updates!