Israel-based Retail FX and CFDs broker eToro announced today that it has received approval for a Financial Services License (FSP) from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) to operate as a securities, derivatives broker. and cryptocurrencies in the United Arab Emirates.
Yoni Assia, Founder and CEO of eToro, commented:
“The approval of our operating license by the ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub and we are excited to become part of this thriving ecosystem.
“With our team in Abu Dhabi led by Jason Hughes, Senior Executive Director for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, we look forward to deepening our relationships in this dynamic market and helping our customers in the UAE to develop their financial knowledge and wealth as part of a global investor community.”
Arvind Ramamurthy, Head of Market Development at ADGM, said:
“We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, ADGM is the largest regulated virtual asset jurisdiction in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues data, global exchanges and service providers, and enhance the UAE’s strategic value in global finance.”
Founded in 2007, eToro claims over 34 million registered users, operates in over 100 countries and is customized in over 20 languages. The company was one of the first to adopt a focus on social networking and copy trading.