The United Arab Emirates (UAE) has allowed its denizens to buy crypto on exchanges like M2. This move reflects their confidence in the crypto’s economic potential. For 2024, the UAE’s projected revenue in the market for this year is $292.1 million, with an estimated annual growth rate of 7.89% through 2028.
As of August 2024, UAE residents can now buy Bitcoin (BTC) and Ethereum (ETH) directly using Emirati dirham (AED). The announcement was shared with Cointelegraph, a crypto custodian supported by M2’s spot trading market. This enables users from the UAE to adapt to global market trends easily.
UAE uses M2’s spot market for BTC and ETH exchange rates
Speed in trading offers advantages such as convenience and flexibility to buy or sell at the right moment. Having the funds on hand for matters like time-limited Winz.io casino bonus or quick-selling initial coin offerings (ICO) is crucial. This is where M2’s Smart Trading features come into play.
M2 is the main spot market platform of choice for BTC and ETH. It offers enhanced markets and trading instruments as user-friendly options. Advanced order types like TWAP (Time-Weighted Average Price) orders and dynamic orders are also available for more experienced traders. These smart tools make taking and placing orders quick and efficient so no traders won’t miss a good time to trade.
The implications of allowing direct conversion from dirham to crypto
The UAE’s stance on crypto is notable due to its conservative outlook on finance. It’s a reputation they earned for having the world’s strictest regulatory frameworks focused on protecting their residents. That makes their decisions on what to regulate a big deal not only for its citizens but the world.
Allowing its denizens to finally buy crypto directly indicates trust in virtual assets’ future. If one of the most conservative nations has faith in crypto’s growth and stability, then the rest of the world will consider following their footsteps.
The licensing process for the Virtual Assets Regulatory Authority (VARA) in the UAE wasn’t easy according to business consulting firm executive, Tao Xiao. He estimated that it would take a year to complete. However, the stringent framework is dedicated to maintaining the market so it was a worthwhile effort and investment.
Dubai’s VARA also fines violators of federal law up to 10 million AED. They wish to avoid entities that can make the same mistake as FTX. It was a marketplace for virtual assets penalised for fraudulent financial reporting. M2, under scrutiny, is expected to adhere to these strict regulations to avoid similar pitfalls, ensuring investors’ trust and protection in the crypto market.
Future projections following UAE’s crypto integration
With direct conversion between the Emirati dirham and crypto, the UAE is poised to be a crypto hub. It was planned for several years because the local government has been heading in this direction since 2018. That’s the year the guidelines for regulating crypto were first published and updated multiple times since then.
Today, it offers a robust and flexible environment inspiring other nations like the United States (US). Since the UAE has entered the crypto trading ecosystem first, they stand to gain the benefits of crypto surge when other countries follow suit. The most exciting is when the Securities and Exchange Commission (SEC) allowed US citizens to buy crypto directly using dollars (USD).
US citizens can invest only through Bitcoin exchange-traded funds (ETF), making crypto trading exclusive to institutional investors. Meanwhile, the UAE has made it available for small-time traders. That makes crypto adoption easier for online purchases or claiming Winz.io casino bonus.
