Social trading platform eToro revealed on Tuesday that it has obtained in-Principle Approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).
The expected subsequent approval for full Financial Services Permission will allow the broker to provide securities, derivatives and cryptocurrency services in the United Arab Emirates capital.
Arvind Ramamurthy, Chief of Markets at ADGM, said:
We are pleased that eToro has been awarded an In-Principle Approval by the ADGM and 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.