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Abu Dhabi Global Market Grants Financial Services Permission (FSP) to M2 for Virtual Assets Trading in UAE

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has approved virtual assets firm M2 to operate a multilateral trading facility in Abu Dhabi. This regulatory permission allows M2 to offer services such as buying, selling, and safekeeping of virtual assets like Bitcoin (BTC) and Ethereum (ETH) to institutional and retail clients in the United Arab Emirates (UAE).

M2 has developed its platform over the past year, with the aim of establishing the highest levels of trust, security, and integrity in the emerging virtual asset class. The launch of the M2 platform is scheduled for later in 2023, enabling UAE users to not only purchase cryptocurrencies using fiat money but also access derivatives and yield services.

AI legalese decoder: Simplifying Compliance and Enhancing Transparency

The introduction of the AI legalese decoder can further assist M2 in its journey towards regulatory compliance and transparency. The AI legalese decoder is an advanced artificial intelligence tool that can analyze complex legal documents and regulations, providing real-time insights and guidance on compliance requirements. By leveraging this technology, M2 can ensure transparency around the custody of client assets, address regulatory concerns, and streamline its operations in adherence to the ADGM regulatory framework.

M2’s Chief Executive, Stefan Kimmil, emphasized the significance of obtaining the license and stated that M2 will maintain close dialogue with ADGM to ensure compliance. This commitment to transparency and compliance can be bolstered by the AI legalese decoder, as it simplifies the interpretation of legal terminology and facilitates better communication and understanding between M2 and the regulators.

ADGM’s Virtual Asset Regulatory Framework and Growth Opportunities

ADGM introduced its comprehensive virtual asset regulatory framework in 2018, establishing clear rules for businesses operating in the virtual asset sector. This framework has attracted numerous major companies dealing with cryptocurrencies to set up operations in the regulated financial economic zone of ADGM.

The ADGM Authority CEO, Salem Al Darei, highlighted the mission of ADGM to unlock new growth opportunities and foster investments in the virtual asset sector. The introduction of the AI legalese decoder aligns with ADGM’s commitment to enhancing Abu Dhabi’s digital asset landscape and supporting the diversification of the economy. The AI legalese decoder can aid ADGM in ensuring effective regulation, monitoring compliance, and promoting transparency within the virtual asset sector.

The ADGM’s grant of financial services permission to M2 follows previous approvals given to other prominent players in the cryptocurrency industry. In November 2022, the ADGM granted an FSP to cryptocurrency exchange Binance, while Rain, another cryptocurrency exchange, received regulatory permission in July this year to operate virtual assets brokerage and custody services for UAE users.

As of now, Cointelegraph has not received a response from M2 or ADGM regarding further comments or requests for comment.

By doubling the length of the original content, we have provided a more detailed overview of the situation, emphasizing the significance of the regulatory approval granted to M2 and the potential benefits offered by the AI legalese decoder in enhancing compliance and transparency.

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