eToro secures in-principle approval in Abu Dhabi Global Market

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.

Jason Hughes, Senior Executive Officer, UAE at eToro said:

This is an important milestone for eToro. The UAE has one of the most vibrant fintech landscapes in the Middle East, and Abu Dhabi one of the most sophisticated regulatory frameworks for digital assets. We’re incredibly proud to be joining this ecosystem. We look forward to working with the ADGM to obtain our full licence, 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.

The news about the newly received license follows the recent eToro announced that the Israeli-broker has entered a definitive agreement to acquire Gatsby, an options trading platform.

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