The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted approval to the virtual asset firm M2 to operate a multilateral trading facility in the UAE capital. Scheduled for a late 2023 launch, the M2 platform aims to serve both institutional and retail investors in the UAE, facilitating trade and custody of virtual assets like Bitcoin and Ether. It will also enable the buying of cryptocurrencies using fiat currency and provide access to derivatives and yield services. CEO Stefan Kimmil regards this licence as a crucial initial step, highlighting their dedication to ongoing collaboration with ADGM. Since rolling out its virtual asset regulatory framework in 2018, ADGM has positioned itself as a significant hub for cryptocurrency firms.