eToro receives in-principal approval from Abu Dhabi Regulatory Authority - TopForex.Trade

eToro receives in-principal approval from Abu Dhabi Regulatory Authority

Social trading platform eToro has received in-principal approval from the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM), which, shortly after its next approval, will allow the company to operate as a security, derivatives, and Сryptocurrency broker in the capital of the United Arab Emirates.

Social trading platform eToro has received in-principal approval from the Abu Dhabi Global Markets Financial Services Regulatory Authority (ADGM) as part of the licensing process. The next full license approval will allow the company to operate as a security, derivatives, and Cryptocurrency broker in the capital of the United Arab Emirates.

Israeli company eToro will be the latest globally renowned broker looking to expand its presence in the Middle East with an ADGM license. In recent years, the ADGM license has been approved by AvaTrader and Exinity.

Since the establishment of ADGM in 2018, the UAE has developed a fintech marketplace and become a strong financial center in the MENA region. In the region, FX/CFD trading is quite popular and has a higher net worth. The average monthly deposit in the UAE in 2021 was $12,685, while the average FTD (First Deposit) in 2021 was $2.2295, significantly higher than other regions.

Arvind Ramamurthy, the Chief of Markets at ADGM, said, of the eToro in-principal approval: “We 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.”

 

Learn how to trade CFDs, stocks, Cryptocurrencies, currency pairs, and other popular instruments with Top Forex broker eToro

 

eToro expansion in the Middle East

eToro recently shared its plans to acquire fintech startup Gatsby, commission-free options and stock trading company, and the principal approval news points to another major expansion for eToro in an increasingly active market.

Jason Hughes, Senior Executive Officer, UAE at eToro called it “an important milestone for eToro”. He added: “We look forward to working with the ADGM to obtain our full license, 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.”

 

Subscribe for our newsletter

Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!

You can unsubscribe any time by clicking the link in our letters.