The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted financial services permission (FSP) to virtual assets firm M2 to operate a multilateral trading facility from the United Arab Emirates capital.
In an Aug. 16 announcement, the Abu Dhabi-headquartered M2 said the regulatory approval would allow institutional and retail clients in the UAE to “buy, sell and custody virtual assets,” such as Bitcoin (BTC) and Ethereum (ETH).
The M2 platform, which is scheduled to launch later in 2023, has been developed over the past year with a long-term vision to establish “the highest levels of trust, security and integrity in the emerging virtual asset class,” the announcement said.
Once live, the M2 platform will also allow UAE users to buy cryptocurrencies using fiat money, as well as access to derivatives and yield services.
“The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets,” said Stefan Kimmil, chief executive of M2.
منصة تداول الأصول الافتراضية “#إم_تو” تحصل على تصريح الخدمات المالية من سلطة تنظيم الخدمات المالية في #سوق_أبوظبي_العالمي ما سيتيح لها إدارة منشأة تداول ديناميكية جامعة، وتقديم خدمات حفظ آمنة للأصول الافتراضية لسكان دولة #الإمارات، وخدمة العملاء من أفراد ومؤسسات.
Cointelegraph reached out to M2 for further comments but didn’t receive an immediate response.
“Over the past five years, the ADGM regulatory framework has established clear rules for those operating in the virtual assets sector, and M2 will uphold the highest standards to reflect their vision as the UAE continues to affirm its reputation as a global leader in this space,” he added.
ADGM had not yet responded to Cointelegraph’s request for comment at the time of publication.
ADGM introduced a comprehensive virtual asset regulatory framework in 2018. It has since attracted a number of major companies dealing with cryptocurrencies to set up businesses in its regulated financial economic zone.
“At ADGM, our mission has always been centered around unlocking new growth opportunities and fostering investments in the virtual asset sector, ADGM Authority CEO Salem Al Darei said. “We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy.”
Subsequently, cryptocurrency exchange Rain received similar regulatory permission in July this year to operate virtual assets brokerage and custody services to UAE users.
Lucy Powell has accused Bridget Phillipson’s team of “throwing mud” and briefing against her in the Labour deputy leadership race in a special episode of Sky’s Electoral Dysfunction podcast.
With just days to go until the race is decided, Sky News’ political editor Beth Rigby spoke to the two leadership rivals about allegations of leaks, questions of party unity and their political vision.
Ms Powell told Electoral Dysfunction that through the course of the contest, she had “never leaked or briefed”.
But she said of negative stories about her in the media: “I think some of these things have also come from my opponent’s team as well. And I think they need calling out.
“We are two strong women standing in this contest. We’ve both got different things to bring to the job. I’m not going to get into the business of smearing and briefing against Bridget.
“Having us airing our dirty washing, throwing mud – both in this campaign or indeed after this if I get elected as deputy leader – that is not the game that I’m in.”
Ms Powell was responding to a “Labour source” who told the New Statesman last week:“Lucy was sacked from cabinet because she couldn’t be trusted not to brief or leak.”
Ms Powell said she had spoken directly to Ms Phillipson about allegations of briefings “a little bit”.
Image: Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News’ Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters
Phillipson denies leaks
But asked separately if her team had briefed against Ms Powell, Ms Phillipson told Rigby: “Not to my knowledge.”
And Ms Phillipson said she had not spoken “directly” to her opponent about the claims of negative briefings, despite Ms Powell saying the pair had talked about it.
“I don’t know if there’s been any discussion between the teams,” she added.
On the race itself, the education secretary said it would be “destabilising” if Ms Powell is elected, as she is no longer in the cabinet.
“I think there is a risk that comes of airing too much disagreement in public at a time when we need to focus on taking the fight to our opponents.
“I know Lucy would reject that, but I think that is for me a key choice that members are facing.”
She added: “It’s about the principle of having that rule outside of government that risks being the problem. I think I’ll be able to get more done in government.”
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But Ms Powell, who was recently sacked by Sir Keir Starmer as leader of the Commons, said she could “provide a stronger, more independent voice”.
“The party is withering on the vine at the same time, and people have got big jobs in government to do.
“Politics is moving really, really fast. Government is very, very slow. And I think having a full-time political deputy leader right now is the political injection we need.”
The result of the contest will be announced on Saturday 25 October.
The deputy leader has the potential to be a powerful and influential figure as the link between members and the parliamentary Labour Party, and will have a key role in election campaigns. They can’t be sacked by Sir Keir as they have their own mandate.
The contest was triggered by the resignation of Angela Rayner following a row over her tax affairs. She was also the deputy prime minister but this position was filled by David Lammy in a wider cabinet reshuffle.
HMRC sent nearly 65,000 warning letters to crypto investors last year, more than double the previous year, as the UK steps up efforts to trace undeclared capital gains.
The government says it is exploring what “additional resources and support are required” to allow “all fans” to attend Maccabi Tel Aviv’s match against Aston Villa next month.
Supporters of the Israeli side have been told they are not allowed to attend November’s game in Birmingham after a decision by Birmingham’s Safety Advisory Group (SAG).
The group – made up of local stakeholders, including representatives from the council, police and event organisers – said the decision was due to a high risk of violence based on “current intelligence and previous incidents”.
The decision has been criticised across the political spectrum, with Sir Keir Starmer describing it as a “wrong decision” while Tory opposition leader Kemi Badenoch called it a “national disgrace”.
In a statement on Friday night, a government spokesperson said: “No one should be stopped from watching a football game simply because of who they are.
“The government is working with policing and other partners to do everything in our power to ensure this game can safely go ahead, with all fans present.
“We are exploring what additional resources and support are required so all fans can attend.”
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Birmingham residents react to the Maccabi fan ban
Meanwhile, Home Secretary Shabana Mahmood said: “Antisemitism is a stain on our society that shames us all. Every football fan, whoever they are, should be able to watch their team in safety.
“This government is doing everything in our power to ensure all fans can safely attend the game.”
The prime minister’s spokesman previously said Sir Keir would “do everything in his power to give Jewish communities the security they deserve”.