eToro has announced that it has received an in-principle approval to operate as a securities, derivatives and crypto broker in Abu Dhabi.
The investing platform was granted approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market for a Financial Services Permission. This will enable eToro to broaden its presence within the Middle East by offering its services to customers.
Jason Hughes, Senior Executive Officer UAE at eToro, commented: “This is an important milestone for eToro. The UAE has one of the most vibrant fintech landscapes in the Middle East, and Abu Dhabi one of the most sophisticated regulatory frameworks for digital assets.
“We’re incredibly proud to be joining this ecosystem. We look forward to working with the ADGM to obtain our full licence, and, in turn, expanding our services to investors in the UAE and further afield. We recently opened our office in Abu Dhabi to support this expansion and are looking forward to growing the team locally.”
eToro has established itself as one of the most well-known investment platforms since its inception in 2007. With a goal to open up to global markets, eToro focuses on international collaboration and investor education for its users.
Arvind Ramamurthy, Chief of Markets at ADGM, stated: “We are pleased that eToro has been awarded an In-Principle Approval by the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE.
“ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.”
Looking to also expand on its digital asset offerings, eToro’s venture into Abu Dhabi is not the only jurisdiction the platform has entered in, after receiving registration with the Italian regulator Organismo Agenti e Mediatori1 (OAM), bolstering digital currency operations in Italy.
“eToro’s goal is to provide more people with access to financial markets,” added George Naddaf, Regional Manager UAE at eToro.
“With the full licence in place, more investors in the Middle East will gain access not only to global markets, but also a wealth of educational content and the opportunity to share knowledge and discuss their strategy with our community of global investors. We are looking forward to working with our prospective clients and partners in the region.”
