eToro, M2 has won ADGM crypto licenses to operate in the UAE financial center

Crypto investment platforms eToro and M2 have received various degrees of approval to offer their services in the UAE from the ADGM Financial Services Regulatory Authority Abu Dhabi Global Market (ADGM), which oversees the UAE's international financial hub.

eToro has obtained a Financial Services License (FSP) that allows the provider to act as a broker for securities, derivatives and crypto assets. Cryptocurrency exchange M2, meanwhile, is accredited as a fully regulated Multilateral Trading Facility (MTF) and Custodian that can board UAE residents and institutional clients.

According to Yoni Asia, founder and CEO of eToro, the new UAE licensing is “a key milestone for our continued global expansion. In September, eToro received a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC). At the time, Deputy CEO Hedva Ber highlighted the need for a European work permit for a crypto company aiming for global expansion.

M2's services for retail and institutional clients in the UAE include crypto custody, UAE dirham-based Bitcoin (BTC) and Ether (ETH) trading and on/off services for dirhams. M2 CEO Stefan Kimmel sees the licensing timing as perfect given the return of positive investor sentiment.

Related: Nomura Laser Digital Receives Master License for Operations in Abu Dhabi

As the UAE continues to attract work permits from international crypto players, the ADGM registration authority introduced comprehensive regulations governing the acquisition of Web3 firms in November.

ADGM welcomes Al Rim Island businesses to the community #WamNews https://t.co/NoLasneinS

— WAM English (@WAMNEWS_ENG) November 1, 2023

The Distributed Ledger Technology (DLT) Foundation Regulations 2023 aim to provide regulatory clarity to blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs) and traditional foundations expanding into DLT.

The regulations allow for the creation of a “DLT Foundation” by providing a signed charter that includes a description of the foundation's initial assets and details of governance and token issuance (if any), linking to the organization's white paper, tokennomics paper and technical document called the DLT Framework.

Magazine: Real AI use cases in crypto, No. 1: The best currency for AI is crypto.