Social investing network eToro announced on Tuesday that it has received an in-principle approval to operate as a securities, derivatives and crypto broker in Abu Dhabi.
The subsequent approval for a financial services permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), the international financial centre of the capital of the UAE, will enable eToro to establish a base from which to offer its services to customers across the region.
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."
He said 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.”
Founded in 2007, eToro’s goal is to open the global markets so that everyone can trade and invest in a simple and transparent way. It has created an investment platform that is built around social collaboration and investor education and created a community of over 30 million registered users that can connect, share, and learn.
George Naddaf, regional manager, UAE at eToro, said 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.”
On eToro, users can view other investors’ portfolios and statistics, and interact with them to exchange ideas, discuss strategies, and benefit from shared knowledge. Users can hold traditional assets such as equities, currencies, ETFs, or commodities, alongside newer assets like cryptoassets. eToro also offers its users a choice of how to invest, as users can trade directly themselves, invest in a portfolio, or replicate the investment strategy of other investors on eToro’s platform at no extra cost, with a single click.
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