Social investment network eToro has announced that it has received in-principle approval to operate as a securities, derivatives and crypto broker in Abu Dhabi. The subsequent approval of a financial services license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), the international financial center of the UAE capital, will allow eToro to establish a base from which to offer its services to clients around the world. region.
Arvind Ramamurthy, Head of Markets, ADGMsaid: “We are delighted that eToro has received in-principle approval from the ADGM and we are delighted to support them as they work to establish their base and presence in Abu Dhabi, the capital of the UAE. The ADGM is the largest regulated virtual asset jurisdiction in the MENA region, and eToro’s participation will add to its vibrant and robust ecosystem of virtual asset trading platforms, global exchanges and service providers.
“ADGM’s virtual asset framework is widely recognized worldwide for its inclusive rules and robust provisions, and is part of ADGM’s ongoing commitment as an International Financial Center to promote Abu Dhabi’s economic growth and maintain market transparency and integrity. ADGM will continue to actively expand its business offerings and open up new investment opportunities in the UAE, as well as enable investment platform partners such as eToro to support the growing financial needs of investors and businesses across the region.”
Jason Hughes, Senior Executive Director, UAE at eToro said: “This is an important milestone for eToro. The UAE has one of the most vibrant fintech landscapes in the Middle East and Abu Dhabi has one of the most sophisticated regulatory frameworks for digital assets. We are incredibly proud to be joining 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.»
Founded in 2007, eToro’s goal is to open up global markets so that everyone can trade and invest in a simple and transparent way. It has built an investment platform based on social collaboration and investor education, and has built a community of over 30 million registered users to connect, share and learn.
George Nadduff, Regional Manager, UAE at eToro concluded, “eToro’s goal is to give more people access to the financial markets. With a full license, 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 knowledge and discuss their strategy with our community of global investors. We look forward to working with our potential customers and partners in the region.»
On eToro, users can view and interact with other investors’ portfolios and statistics to share ideas, discuss strategies, and benefit from shared knowledge. Users can hold traditional assets such as stocks, currencies, ETFs or commodities, as well as new assets such as cryptocurrencies. eToro also offers its users a choice of how to invest, as users can trade directly on their own, invest in a portfolio, or replicate the investment strategy of other investors on the eToro platform at no extra cost, with just one click.