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Social investment network eToro has received in-principle approval to operate as a securities, derivatives and cryptocurrency broker in Abu Dhabi.
Subsequently, the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital, approved a financial services license, which will enable eToro to establish a base to serve clients worldwide in the region.
Arvind Ramamurthy, Head of Marketing at ADGM, said: “We are delighted that eToro has received ADGM’s approval in principle and are pleased to support their efforts to establish a foothold and business in Abu Dhabi, the capital of the UAE. ADGM As the largest regulated virtual asset jurisdiction in the MENA region, eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers.
recognized as good
“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 was founded in 2007 with the goal of opening up global markets where everyone can trade and invest in a simple and transparent way. It has created an investment platform built around social collaboration and investor education, and has created a community of over 30 million registered users to connect, share and learn.
access to financial markets
George Naddaf, eToro UAE Country Manager, concluded: “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.”
On eToro, users can view and interact with other investors’ portfolios and statistics to exchange 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 crypto assets. eToro also offers its users a choice of investment methods, as users can directly trade their own, invest in a portfolio or copy other investors’ investment strategies on the eToro platform at no additional cost and with just one click. — arab trade news agency
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