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Global: UAE Residents Can Now Trade Cryptocurrency Directly Through Bank Accounts

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UAE Residents Can Now Trade Cryptocurrency Directly Through Bank Accounts
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UAE residents can now directly convert their dirhams into Bitcoin and Ether, thanks to a new integration by the crypto exchange M2. This feature, available through M2’s spot market, allows for seamless transactions between local bank accounts and major cryptocurrencies.

Update July 31, 11:17 am UTC: This article has been updated to include comments from M2 CEO Stefan Kimmel.

M2 has announced that its latest update enables UAE residents to buy and sell Bitcoin and Ether directly from their bank accounts. Through this new functionality, users can trade Bitcoin (BTC) and Ether (ETH) against UAE dirhams, with the ability to deposit and withdraw dirhams on the platform.

The integration is designed to help users adapt swiftly to market changes, making it easier for them to convert local currency into crypto assets. According to M2, this development is a significant step towards increasing the accessibility of digital assets in the region.

Stefan Kimmel, CEO of M2, shared his insights with Cointelegraph, highlighting that the new integration aims to simplify crypto trading for everyday investors, particularly those who may not be deeply familiar with the trading landscape. He emphasized that Bitcoin and Ether are often the first virtual assets that new investors engage with due to their popularity and higher trading volumes.

The UAE’s regulatory environment, known for its stringent consumer protection standards, also supports this integration. Kimmel noted that the UAE’s regulatory framework is among the strictest globally, ensuring robust consumer protection.

Recent regulatory measures in the UAE, such as Dubai’s Virtual Asset Regulatory Authority (VARA) requirements for clearer advertising and the establishment of new federal laws to prevent fraud, underscore the region’s commitment to safeguarding investors. The new law includes severe penalties for violators, with fines reaching up to 10 million AED ($2.7 million).

Kimmel highlighted the thorough licensing process managed by the Abu Dhabi Global Market (ADGM), which, although demanding, ensures that licensed platforms adhere to the highest standards of security and transparency.

In previous discussions, business consulting firm executive Tao Xiao noted that VARA’s licensing process could take up to a year. Despite its challenges, Xiao affirmed that the rigorous framework contributes to market integrity and investor protection while providing a favorable environment for innovation and global market access.

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