eToro secures license to operate brokerage for securities, derivatives, crypto in the UAE
eToro has recently obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). This approval enables eToro to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.
Founded in 2007, eToro has expanded significantly, boasting over 34 million registered users across more than 100 countries and providing services in over 20 languages. eToro is committed to empowering users with the tools necessary for financial growth and knowledge. The platform offers a unique feature where users can view, interact with, and learn from the portfolios and strategies of other investors.
eToro’s platform allows users to hold a diverse range of assets, from traditional equities, currencies, and commodities to newer assets like cryptocurrencies. It offers various investment approaches, including direct trading, investing in Smart Portfolios, or copying the strategies of successful investors on the platform.
eToro’s FSP license from Abu Dhabi’s ADGM is a key milestone in global expansion
This approval marks a significant milestone for eToro, expanding its reach and services in the UAE’s burgeoning financial market.
Yoni Assia, Founder and CEO of eToro, noted the growing recognition of Abu Dhabi as a fintech hub and expressed eagerness for eToro to join this dynamic ecosystem. “The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem.
“With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and Geroge Naddaf, GCC & MENA Regional Manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors.”
Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed eToro to their platform. “We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, 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, and reinforce the UAE’s strategic value to global finance.”
eToro launched XtremeWeather portfolio as UAE hosts Cop28
eToro has recently launched the XtremeWeather portfolio, a new offering that aims to give retail investors exposure to companies equipped to address challenges arising from increased extreme weather events.
The launch comes in the wake of NASA’s report declaring the previous summer as Earth’s hottest on record. This has highlighted the growing impact of extreme weather, including hurricanes, wildfires, droughts, floods, and heatwaves.
The XtremeWeather portfolio consists of 30 stocks from industries like renewable electricity, industrial machinery, fertilizers, home improvement retail, electrical equipment, and gas. These sectors play a key role in recovery and normalization after extreme weather events. The selection process involved evaluating thousands of stocks, with criteria including market capitalization, ESG score, liquidity, analyst rankings, and sales growth.
The UAE will host Cop28 at Expo City Dubai from November 30 to December 12, 2023, marking a significant event in global climate discussions.
