Retail and social trading platform eToro has been approved by the Abu Dhabi Global Market (ADGM) to trade securities, derivatives and crypto assets as a broker in the United Arab Emirates.。

eToro receives regulatory approval to operate in Abu Dhabi

The approval, granted by ADGM's Financial Services Regulatory Authority, allows eToro to set up offices in Abu Dhabi in order to provide services throughout the UAE.。

Yoni Assia, founder and CEO of eToro, said: "This is an important milestone in our global expansion.。Abu Dhabi is increasingly recognized as a growing fintech hub and is excited to be part of this ecosystem。"

Arvind Ramamurthy, head of market development at ADGM, welcomed the approval.。Ramamurthy said: "We are confident that ADGM's vibrant ecosystem and evolving regulations will deliver on eToro's vision.。ADGM is the largest virtual asset regulatory jurisdiction in the MENA region and eToro's participation will strengthen the UAE's value in the global financial sector.。"

More than a year ago, eToro was authorized in principle to operate in an Arab emirate, after which the company received official permission.。

eToro in the Middle East

In addition, eToro appointed Jason Hughes as senior executive officer for the Middle East region and also hired George Naddaf as regional manager for the Gulf Cooperation Council and the Middle East and North Africa region.。The company said it was looking to deepen its relationship with the UAE market.。

A few months ago, eToro received a license from the Cyprus Securities and Exchange Commission to expand its operations in Europe amid a decline in the company's valuation.。According to an August assessment, the company's valuation has shrunk by $800 million from the previous $2.5 billion.。

Founded in 2007, eToro operates in more than 100 countries and has more than 34 million registered users.。Its platform offers investments in traditional assets and cryptocurrencies, allowing users to replicate the strategies of high-performing investors.。