UAE Enables Crypto Buying From Bank Accounts

Crypto exchange M2 has announced that residents of the United Arab Emirates (UAE) can now buy and sell Bitcoin and Ether directly using their bank accounts.

In a statement shared with Cointelegraph, the digital asset custodian explained that this new integration allows UAE residents to convert their dirhams directly into Bitcoin (BTC) and Ether (ETH).

Through trading pairs listed on M2’s spot markets, users can trade BTC and ETH for dirhams and vice versa, as well as deposit and withdraw dirhams.

The M2 team believes this integration enables users to “swiftly adapt to market changes,” making it easier to convert their local currency into crypto.

According to M2, this new feature allows the exchange to broaden its offerings in a rapidly evolving landscape.

The team views this as a significant milestone for the “wider accessibility of virtual assets in the region.”

Kimmel told Cointelegraph that the integration could also benefit everyday investors, particularly those who are not “fully entrenched” in the complexities 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.

The executive also highlighted that this initiative is regulated by the UAE government, which he described as having one of the world’s “strictest regulatory frameworks” prioritizing consumer protection.

Over the years, the UAE has aimed to better protect crypto consumers.

In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) required marketers and promoters to provide clearer advertisements to enhance consumer protection.

In 2023, the UAE introduced a new federal law focused on protecting consumers and preventing fraud by entities similar to FTX.

The government will impose fines of up to 10 million AED ($2.7 million) for violators.

Kimmel previously mentioned that the ADGM’s licensing process was demanding due to its high standards for multilateral trading facility permits.

However, he noted that this diligence allows UAE users to trust that licensed platforms meet the country’s security and transparency standards.

In an earlier interview with Cointelegraph, business consulting firm executive Tao Xiao stated that VARA’s licensing process could take up to a year to complete.

The executive believes this "stringent" framework reflects the region’s commitment to maintaining market integrity and protecting investors.

Despite the challenges, the executive emphasized that the benefits include favorable tax policies, access to global markets, and a safe environment for innovation.

Sources:

https://cointelegraph.com/news/m2-exchange-uae-aed-to-crypto

https://coinmarketcap.com/community/articles/66abe6dca34c1128256af7f6/