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eToro announces that it has received in-principle approval from ADGM to operate as a securities, derivatives and cryptocurrency broker in Abu Dhabi.
The social investment platform will continue to work with local regulators to obtain full approval for a financial services license from the Abu Dhabi Global Markets Financial Services Authority (ADGM).
ADGM is the international financial center of the UAE capital and has gradually become an oasis for global fintech and financial services companies. eToro recently opened an office in Abu Dhabi, hoping to gain regulatory approval to serve clients in the region.
“The UAE has one of the most dynamic fintech sectors in the Middle East”
Arvind Ramamurthy, Head of Marketing, ADGM, said: “We are delighted that eToro has received ADGM’s approval in principle and are delighted to support their efforts to establish a foothold and business in Abu Dhabi, UAE. ADGM is the largest regulated company in the MENA region. Virtual asset jurisdiction, 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 globally recognized for its inclusive regulations and robust regulations, and it is part of ADGM’s ongoing commitment as an international financial centre to support Abu Dhabi’s economic growth and maintain market transparency and integrity. ADGM will Continue to aggressively expand and unlock new investment opportunities in the UAE and enable investment platform partners such as eToro to support the growing financial needs of investors and businesses in the region.”
Jason Hughes, senior executive officer at eToro UAE, said: “This is an important milestone for eToro. The UAE has one of the most dynamic fintech sectors in the Middle East, while Abu Dhabi has one of the most complex regulatory frameworks for digital assets. We are very proud To be able to join this ecosystem. We look forward to working with ADGM to obtain our full license to expand our services to investors in the UAE and beyond. We recently opened an office in Abu Dhabi to support this expansion and 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 company has expanded significantly globally (i.e. in the U.S.) to become the largest trading platform for retail investors seeking access to securities, derivatives and cryptocurrencies. The broker has created a community of over 30 million registered users to connect, share and learn.
George Naddaf, Country Manager of eToro UAE, added: “eToro aims to provide more people with access to financial markets. With the full license, more investors in the Middle East will not only have access to global markets, but also a wealth of educational content. As well as the opportunity to share knowledge and discuss their strategies with our global investor community. We look forward to working with our potential clients and partners in the region.”
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