The retail and social trading platform eToro has received approval from the Abu Dhabi Global Market (ADGM) to operate as a broker dealing in securities, derivatives, and crypto assets in the United Arab Emirates.
eToro Receives Regulatory Approval to Operate in Abu Dhabi
The approval was granted by the Financial Services Regulatory Authority of ADGM. It allows eToro to establish a presence in Abu Dhabi to offer its services across the UAE.
"It is a key milestone in our continued global expansion,” Yoni Assia, the Founder and CEO of eToro, said. “Abu Dhabi is increasingly recognised as a growing fintech hub, and we are excited to become part of this flourishing ecosystem."
Arvind Ramamurthy, the Chief of Market Development at ADGM, welcomed the approval. "We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision,” Ramamurthy commented.
Ramamurthy added that ADGM is the largest regulated jurisdiction for virtual assets in the MENA region. He said eToro's participation will reinforce the UAE's value in global finance.
The full license was granted after eToro obtained an in-principal authorization to operate within one of the Arab emirates over a year ago.
eToro in the Middle East
In addition, eToro has appointed Jason Hughes as Senior Executive Officer for the Middle East. It has also hired George Naddaf as the Regional Manager of GCC & MENA. The company said it is looking to deepen relationships in the UAE market.
Several months ago, the company obtained a license from the Cyprus Securities and Exchange Commission, expanding its operations in Europe. These developments have occurred as the company's valuation has declined. According to an assessment in August, it has shrunk by $800 million from the previous figure of $2.5 billion.
Founded in 2007, eToro is present in over 100 countries. It has over 34 million registered users. The platform offers investments in traditional assets as well as cryptocurrencies . It further allows users to copy the strategies of top-performing investors.
