After surpassing a year-long process, eToro, the retail and social trading platform, has secured a comprehensive license in the United Arab Emirates (UAE). The Abu Dhabi Global Market (ADGM) has officially granted approval for eToro to function as a broker, dealing with securities, derivatives, and crypto assets within the region.
This endorsement, issued by the Financial Services Regulatory Authority of ADGM, empowers eToro to establish its presence in Abu Dhabi and extend its services throughout the entire UAE.
Yoni Assia, the Founder and CEO of eToro, expressed, “This marks a significant milestone in our ongoing global expansion. Abu Dhabi is increasingly establishing itself as a thriving fintech hub, and we are enthusiastic about integrating into this flourishing ecosystem.”
Arvind Ramamurthy, the Chief of Market Development at ADGM, warmly welcomed the approval, stating, “We are confident that ADGM’s dynamic ecosystem and progressive regulations will facilitate eToro’s vision.” Ramamurthy highlighted ADGM’s standing as the largest regulated jurisdiction for virtual assets in the MENA region, emphasizing that eToro’s involvement will strengthen the UAE’s prominence in global finance.
The issuance of the full license follows eToro’s initial in-principal authorization to operate within one of the Arab emirates over a year ago.