eToro expands brokerage to Middle East with Abu Dhabi license
eToro has announced it received an In-Principle Approval from ADGM to operate as a securities, derivatives and crypto broker in Abu Dhabi.
The social investing platform will continue to work with the local regulator to obtain the full approval for a Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).
ADGM, the international financial centre of the capital of the UAE, has progressively become an oasis for fintechs and financial services firms across the globe. eToro has recently opened an office in Abu Dhabi in the hopes of obtaining regulatory approval to offer its services to customers across the region.
“The UAE has one of the most vibrant fintech landscapes in the Middle East”
Arvind Ramamurthy, Chief of Markets at ADGM, said, “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.
“ADGM’s virtual asset framework is well recognised globally for its inclusive regulations and robust provisions and it is part of ADGM’s ongoing commitment, as an International Financial Centre, to bolster the economic growth of Abu Dhabi and to uphold the transparency and integrity of the marketplace. ADGM will continue to actively expand the business offerings and unlock new investment opportunities in the UAE, and enable investment platforms partners like eToro to support the growing financial needs of the investors and businesses across the region.”
Jason Hughes, Senior Executive Officer, 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 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 is an Israeli social trading platform founded in 2007 by David Ring and brothers Yoni Assia and Ronen Assia. The firm has considerably expanded across the globe, namely in the United States, to become of the largest trading platforms for retail investors looking for access to securities, derivatives, and crypto. The broker created a community of over 30 million registered users that can connect, share, and learn.
George Naddaf, Regional Manager, UAE at eToro, added: “eToro’s goal is to provide more people with access to financial markets. 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.”