eToro has announced that it has received approval in principle from the ADGM to operate as a securities, derivatives and crypto broker in Abu Dhabi.
The social investment platform will continue to work with the local regulator to obtain full approval for a financial services license from the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM).
ADGM, the international financial center in the capital of the United Arab Emirates, has gradually become an oasis for fintechs and financial services companies around the world. eToro recently opened an office in Abu Dhabi in hopes of gaining regulatory approval to offer its services to customers in the region.
“The United Arab Emirates has one of the most dynamic fintech landscapes in the Middle East”
Arvind Ramamurthy, Head of Markets at ADGM, said: “We are delighted that eToro has received approval in principle from ADGM and we are delighted to support them as they strive to establish their presence in Abu. Dhabi, the capital of the UAE. ADGM is the largest regulated virtual asset jurisdiction in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading platforms, global exchanges and service providers. .
“ADGM’s Virtual Assets Framework is well recognized around the world for its inclusive regulations and robust provisions and it is part of ADGM’s ongoing commitment, as an international financial center, to supporting the economic growth of “Abu Dhabi and to maintain transparency and market integrity. ADGM will continue to actively expand business offerings and unlock new investment opportunities in the UAE, and enable investment platform partners like eToro to respond the growing financial needs of investors and businesses in the region.
Jason Hughes, Senior Executive Officer, UAE at eToro, said: “This is an important milestone for eToro. The United Arab Emirates has one of the most dynamic fintech landscapes in the Middle East and Abu Dhabi one of the most sophisticated regulatory frameworks for digital assets. We are incredibly proud to join this ecosystem. We look forward to working with ADGM to obtain our full license and, in turn, expand our services to investors in the UAE and beyond. We recently opened our office in Abu Dhabi to support this expansion and look forward to growing the team locally.
eToro is an Israeli social trading platform founded in 2007 by David Ring and brothers Yoni Assia and Ronen Assia. The company has grown significantly across the world, especially in the United States, to become one of the largest trading platforms for retail investors seeking access to securities, derivatives and cryptography. The broker has created a community of over 30 million registered users who can connect, share and learn.
George Naddaf, Regional Director, United Arab Emirates at eToro, added: “eToro’s goal is to provide more people with access to financial markets. With the full license in place, more investors in the Middle East will have access not only to global markets, but also to a wealth of educational content and the opportunity to share their knowledge and discuss their strategy with our community. global investors. We look forward to working with our potential customers and partners in the region.