The retail and
social trading platform eToro has received approval from the Abu Dhabi Global
Market (ADGM) to operate as a broker dealing in securities, derivatives, and crypto
assets in the United Arab Emirates.
The
approval was granted by the Financial Services Regulatory Authority of
ADGM. It allows eToro to establish a presence in Abu Dhabi to offer its
services across the UAE.
“It is
a key milestone in our continued global expansion,” Yoni Assia, the Founder and
CEO of eToro, said. “Abu Dhabi is increasingly recognised as a growing fintech
hub, and we are excited to become part of this flourishing ecosystem.”
📣 Big news 📣 eToro has received approval to operate in the UAE, marking a milestone in our global expansion. Thank you @ADGM for welcoming us to Abu Dhabi’s rising #fintech scene #eToroUAE https://t.co/d3ojJDl09k
— eToro (@eToro) November 27, 2023
Arvind
Ramamurthy, the Chief of Market Development at ADGM, welcomed the approval. “We
are confident that ADGM’s dynamic ecosystem and progressive regulations will
enable eToro’s vision,” Ramamurthy commented.
Ramamurthy
added that ADGM is the largest regulated jurisdiction for virtual assets in the
MENA region. He said eToro’s participation will reinforce the UAE’s value in
global finance.
The full
license was granted after eToro obtained an in-principal authorization to
operate within one of the Arab emirates over a year ago.
eToro in the Middle East
In
addition, eToro has appointed Jason Hughes as Senior Executive Officer for the
Middle East. It has also hired George Naddaf as the Regional
Manager of GCC & MENA. The company said it is looking to deepen relationships in the UAE
market.
Several
months ago, the company obtained a license from the Cyprus Securities and
Exchange Commission, expanding its operations in Europe. These developments have occurred as the company’s valuation has declined. According to an assessment in August,
it has shrunk by $800 million from the previous figure of $2.5 billion.
Founded in
2007, eToro is present in over 100 countries. It has over 34 million registered
users. The platform offers investments in traditional assets as well as
cryptocurrencies . It further allows users to copy the strategies of top-performing
investors.
The retail and
social trading platform eToro has received approval from the Abu Dhabi Global
Market (ADGM) to operate as a broker dealing in securities, derivatives, and crypto
assets in the United Arab Emirates.
The
approval was granted by the Financial Services Regulatory Authority of
ADGM. It allows eToro to establish a presence in Abu Dhabi to offer its
services across the UAE.
“It is
a key milestone in our continued global expansion,” Yoni Assia, the Founder and
CEO of eToro, said. “Abu Dhabi is increasingly recognised as a growing fintech
hub, and we are excited to become part of this flourishing ecosystem.”
📣 Big news 📣 eToro has received approval to operate in the UAE, marking a milestone in our global expansion. Thank you @ADGM for welcoming us to Abu Dhabi’s rising #fintech scene #eToroUAE https://t.co/d3ojJDl09k
— eToro (@eToro) November 27, 2023
Arvind
Ramamurthy, the Chief of Market Development at ADGM, welcomed the approval. “We
are confident that ADGM’s dynamic ecosystem and progressive regulations will
enable eToro’s vision,” Ramamurthy commented.
Ramamurthy
added that ADGM is the largest regulated jurisdiction for virtual assets in the
MENA region. He said eToro’s participation will reinforce the UAE’s value in
global finance.
The full
license was granted after eToro obtained an in-principal authorization to
operate within one of the Arab emirates over a year ago.
eToro in the Middle East
In
addition, eToro has appointed Jason Hughes as Senior Executive Officer for the
Middle East. It has also hired George Naddaf as the Regional
Manager of GCC & MENA. The company said it is looking to deepen relationships in the UAE
market.
Several
months ago, the company obtained a license from the Cyprus Securities and
Exchange Commission, expanding its operations in Europe. These developments have occurred as the company’s valuation has declined. According to an assessment in August,
it has shrunk by $800 million from the previous figure of $2.5 billion.
Founded in
2007, eToro is present in over 100 countries. It has over 34 million registered
users. The platform offers investments in traditional assets as well as
cryptocurrencies . It further allows users to copy the strategies of top-performing
investors.
