eToro, one of the world’s leading crypto investment platforms, has been granted approval to roll out services in the Middle East as it is granted in-principle permission from the Abu Dhabi Global Market.
eToro’s platform to provide MENA investment services
The social investing network platform will roll out services as a securities, derivatives and crypto broker in the capital emirate of the UAE. The Financial Services Permission granted by the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), the international financial centre of the capital of the UAE, will enable eToro to establish a base from which to offer its services to customers across the region.
Founded in 2007, eToro is a leading investment platform that specialises in digital currency trading. The platform provides traders and investors access to more than 2,000 different financial assets. These include EFTs, stocks, cryptocurrencies, commodities, indices and currencies. eToro enables trades that can be invested in both with and without leverage, thus offering flexible short, mid, and long-term investment choices.
The Israeli multinational social trading and multi-asset investment company provides financial and copy trading services and is headquartered in Israel. It also has offices internationally, located in Cyprus, the UK, the US, and Australia.
eToro expanding Mid East investment opportunities
According to the fintech’s executives, eToro’s goal is to provide more customers with access to the financial markets. The full licence in place will enable more investors in the Middle East to gain access to global markets.
Speaking about the latest move, Jason Hughes, Senior Executive Officer, UAE at eToro, explained, “This is an important milestone for eToro. The UAE has one of the most vibrant fintech landscapes in the Middle East, and Abu Dhabi is 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.”
Arvind Ramamurthy, Chief of Markets at ADGM, said eToro would establish its foothold in the region as a result of the approval. “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.
He added, “ADGM will continue to actively expand the business offerings and unlock new investment opportunities in the UAE, and enable investment platforms partners like eToro to support the growing financial needs of the investors and businesses across the region.”
- Fintech Timeline: How the cybersecurity industry beganFinancial Services (FinServ)
- Financial inclusion & digital banking in Egypt & the LevantBanking
- UK's Bank North declares insolvency following funding woesBanking
- From bootstraps to jetpacks: fintech's top 10 founder-CEOsFinancial Services (FinServ)