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.
Sir Keir Starmer has called for a tougher approach to policing Europe’s borders ahead of a meeting between leaders to discuss a potential shake-up of the European Convention on Human Rights (ECHR).
The prime minister said the way in which the ECHR is interpreted in courts must be modernised, with critics long claiming the charter is a major barrier to deportations of illegal migrants.
His deputy, David Lammy, will today be in Strasbourg, France, with fellow European ministers to discuss reforms of how the agreement is interpreted in law across the continent.
In an opinion piece for The Guardian, Sir Keir and his Danish counterpart, Mette Frederiksen, said the change was necessary to prevent voters from turning to populist political opponents.
Image: Small boat crossings have risen this year. File pic: PA
What’s the issue with the ECHR?
The ECHR, which is the foundation of Britain’s Human Rights Act, includes the right to family life in its Article 8.
That is often used as grounds to prevent deportations of illegal migrants from the UK.
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There has also been a rise in cases where Article 3 rights, prohibiting torture, were used to halt deportations over claims migrants’ healthcare needs could not be met in their home country, according to the Home Office.
The Conservatives and Reform UK have both said they would leave the ECHR if in power, while the Labour government has insisted it will remain a member of the treaty.
But Sir Keir admitted in his joint op-ed that the “current asylum framework was created for another era”.
“In a world with mass mobility, yesterday’s answers do not work. We will always protect those fleeing war and terror – but the world has changed, and asylum systems must change with it,” the two prime ministers wrote, as they push for a “modernisation of the interpretation” of the ECHR.
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2:16
System ‘more than broken’, says asylum seeker
What is happening today?
Mr Lammy is attending an informal summit of the Council of Europe.
He is expected to say: “We must strike a careful balance between individual rights and the public’s interest.
“The definition of ‘family life’ can’t be stretched to prevent the removal of people with no right to remain in the country [and] the threshold of ‘inhuman and degrading treatment’ must be constrained to the most serious issues.”
It is understood that a political declaration signed by the gathered ministers could carry enough weight to directly influence how the European Court of Human Rights interprets the treaty.
The UK government is expected to bring forward its own legislation to change how Article 8 is interpreted in UK courts, and is also considering a re-evaluation of the threshold for Article 3 rights.
Image: David Lammy will swap Westminster for Strasbourg today
The plans have been criticised by Amnesty International UK, which described them as weakening protections.
“Human rights were never meant to be optional or reserved for comfortable and secure times. They were designed to be a compass, our conscience, when the politics of fear and division try to steer us wrong,” Steve Valdez-Symonds, the organisation’s refugee and migrant rights programme director, said.
Sir Keir’s government has already adopted several hardline immigration measures – modelled on those introduced by Ms Federiksen’s Danish government – to decrease the number of migrants crossing the Channel via small boats.
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2:40
Beth Rigby: The two big problems with Labour’s asylum plan
Starmer-Macron deal ‘a sticking plaster’
Meanwhile, French far-right leader Jordan Bardella told The Daily Telegraph he would rewrite his country’s border policy to allow British patrol boats to push back small vessels carrying migrants into France’s waters if he were elected.
The National Rally leader called Sir Keir’s “one-in, one-out” agreement with Emmanuel Macron, which includes Britain returning illegal arrivals in exchange for accepting a matching number of legitimate asylum seekers, a “sticking plaster” and “smokescreen”.
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4:02
Far-right, 30, and France’s most popular politician
He said that only a complete overhaul of French immigration policy would stop the Channel crossings.
Mr Bardella is currently leading in opinion polls to win the first round of France’s next presidential election, expected to happen in 2027, to replace Mr Macron.
The race for the new US Federal Reserve chair is nearing the finish line, with US President Donald Trump reportedly set to begin interviewing finalists for the top job this week.
According to a report from the Financial Times on Tuesday, Treasury Secretary Scott Bessent has presented a list of four names to the White House.
One of these is former Fed governor Kevin Warsh, whom Bessent is scheduled to meet with on Wednesday. Another is National Economic Council director Kevin Hassett, who is seen as the frontrunner for the role.
Another two names would be picked from a list of other finalists, which includes Fed governors Christopher Waller and Michelle Bowman, and BlackRock chief investment officer Rick Rieder.
Trump and Bessent are expected to hold at least one interview next week, as a decision looks likely to be announced in January.
However, Trump has revealed he already has his eye on one particular candidate.
“We’re going to be looking at a couple different people, but I have a pretty good idea of who I want,” Trump said to journalists on Air Force One on Tuesday.
Kevin Hassett is a frontrunner for Fed chair role
The upcoming round of interviews suggests that Hassett may not be the clear lock in for the role as previously thought, though he is seen as the favorite.
Earlier this month, prediction market odds on Kalshi and Polymarket shot up for Hassett significantly following comments from Trump at the White House on Dec. 2.
While welcoming guests, Trump labeled Hassett as “potential Fed chair” leading many to assume the president had let a major hint slip.
With Hassett’s odds spiking to 85% after Trump’s comments last week, they have since declined to around 73% for Hassett, while Warsh’s odds sit at 13% on Kalshi at the time of writing, which has floated around this range over December.
Regardless of who ends up taking over as chair, the move is bound to impact crypto markets under the new leadership.
If elected, Hassett has asserted that he will be apolitical in terms of running the Fed, despite his close ties to Trump. Speaking with The Wall Street Journal this week, Hassett said that “You just do the right thing” when asked if he would blindly follow orders from Trump.
“Suppose that inflation has gotten from, say, 2.5% to 4%. You can’t cut,” Hassett said, adding that he would rely on his own “judgment, which I think the president trusts.”
Sir Keir Starmer has declared it his “moral mission” to “turn the tide on the lost decade of young kids left as collateral damage”.
The government launches its 10-year youth plan today, which has pledged £500m to reviving youth services.
Culture Secretary Lisa Nandy has also warned that young people are now “the most isolated in generations” and face challenges that are “urgent and demand a major change in direction”.
But despite the strong language, the Conservatives have warned that “under Labour, the outlook for the next generation is increasingly bleak”.
Launching the 10-year strategy, Sir Keir said: “As a dad and as prime minister, I believe it is our generation’s greatest responsibility to turn the tide on the lost decade of young kids left as collateral damage. It is our moral mission.
“Today, my government sets out a clear, ambitious and deliverable plan – investing in the next generation so that every child has the chance to see their talents take them as far as their ability can.”
What’s in the government’s strategy?
Under the plans, the government will seek to give 500,000 more young people across England access to a trusted adult outside their homes – who are assigned through a formal programme – and online resources about staying safe.
The prime minister said the plans will also “ensure” that those who choose to do apprenticeships rather than go to university “will have the same respect and opportunity as everyone else”.
OTHER MEASURES INCLUDE
Creating 70 “young futures” hubs by March 2029, as part of a £70m programme to provide access to youth workers – the first eight of these will open by March next year;
Establishing a £60m Richer Young Lives fund to support organisations in “underserved” areas to deliver high-quality youth work and activities;
Improving wellbeing, personal development and life skills through a new £22.5m programme of support around the school day – which will operate in up to 400 schools;
Investing £15m to recruit and train youth workers, volunteers and “trusted adults”;
Improving youth services by putting £5m into local partnerships, information-sharing and digital tech.
The plan comes following a so-called “state of the nation” survey commissioned by Ms Nandy, which heard from more than 14,000 young people across England.
Launching the strategy, she said: “Young people have been crystal clear in speaking up in our consultation: they need support for their mental health, spaces to meet with people in their communities and real opportunities to thrive. We will give them what they want.”
Image: Lisa Nandy will speak about the plan on Sky News on Wednesday morning. Pic: PA
But the Conservatives have criticised the government for scrapping the National Citizen Service (NCS), which ended in March this year.
Shadow culture secretary Nigel Huddlestone said “any renewed investment in youth services is of course welcome”, but said Labour’s “economic mismanagement and tax hikes are forcing businesses to close, shrinking opportunities while inflation continues to climb”.