eToro has been granted permission by the Abu Dhabi Financial Markets Authority or ADGM, to operate in the UAE as a broker in securities, derivatives and crypto assets.
eToro in the UAE
The UAE is becoming an increasingly popular destination for margin trading and multi-asset brokerages, sitting as it does mid-way between European and Far Eastern markets.
However, many firms have pursued licences in Dubai rather than in the neighbouring emirate of Abu Dhabi.
“The approval of our operating licence by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognised as a growing fintech hub, and we are excited to become part of this flourishing ecosystem”
The Chief of Market Development at ADGM, Arvind Ramamurthy said of the news:
“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 jurisdiction of virtual assets in the MENA region”
He added that
“eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance.”
New permissions and a new office
Under its new license, eToro will be able to deal in investments as a matched principal, arrange deals in investments, and also provide custody services and manage client assets.
eToro has appointed Jason Hughes and George Naddaf to run the new Abu Dhabi operations and it has registered a local office in the Al Sarab Tower on Al Maryah Island.
Israeli-based eToro was founded in 2007 and has grown into one of the world’s biggest retail brokers with over 34 million registered users on its platform, and operations in more than 100 countries.
That’s largely thanks to its intuitive trading platforms, wide product and asset class offering, and a focus on retail customers of all sizes, with a particular emphasis on social trading, under which traders can follow and copy the trades of their more experienced peers.