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Crypto investment platforms eToro and M2 have received approval to offer their services in the United Arab Emirates (UAE). The ADGM Financial Services Regulatory Authority granted various degrees of approval to both platforms.
eToro's Approval and Continued Global Expansion
The ADGM Financial Services Regulatory Authority, which oversees the UAE's international financial center, the Abu Dhabi Global Market (ADGM), granted eToro a Financial Services Permission (FSP).
Cointelegraph noted that with the FSP, eToro can now operate as a broker for securities, derivatives, and crypto assets. Yoni Assia, founder and CEO of eToro, sees the UAE licensing as a significant milestone in their continued global expansion.
This approval comes after eToro received the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC), as per Investing.
M2's Recognition as a Regulated Multilateral Trading Facility
On the other hand, M2, a cryptocurrency exchange, has been recognized as a fully regulated Multilateral Trading Facility (MTF) and custodian. This recognition enables M2 to onboard UAE residents and institutional clients. M2 CEO Stefan Kimmel views the timing of the license issuance as perfect, considering the return of positive investor sentiment.
M2's services in the UAE cater to both retail and institutional clients. They include crypto custody, UAE dirham-based Bitcoin (BTC) trading, and on/off-ramp services for the dirham. With these offerings, M2 aims to provide a comprehensive suite of solutions to their clients in the region.
ADGM's Comprehensive Regulations for Web3 Organizations
In November, the registration authority of the ADGM introduced comprehensive regulations governing Web3 organizations. These regulations aim to foster a safer and more transparent environment for the operation of such organizations within the UAE.
Obtaining operational licenses, like the ones granted to eToro and M2, is crucial for crypto companies seeking global expansion. Hedva Ber, deputy CEO of eToro, previously emphasized the significance of a European operating license for a crypto company with global aspirations.
The UAE's initiatives in attracting international crypto players, such as eToro and M2, have successfully granted operational licenses. The country continues to establish itself as a hub for innovative crypto services, with the ADGM playing a vital role in regulating and overseeing these activities.
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