Israeli social investing platform eToro has received an in-principle approval from the Abu Dhabi Global Market (ADGM) to operate as a securities, derivatives and crypto broker in Abu Dhabi.
The company expects to subsequently obtain a Financial Services Permission from the ADGM which would allow it to establish a base from which to offer its services to customers across the region.
Founded in 2007, eToro’s now boasts over 30 million registered users. Users can hold traditional assets such as equities, currencies, ETFs, or commodities, as well as newer assets like cryptoassets.
“With the full licence in place, more investors in the Middle East will gain access not only to global markets, but also educational content and the opportunity to share knowledge with our global community,”
said George Naddaf, Regional Manager, UAE at eToro said.
“We look forward to working with the ADGM to obtain our full licence. We recently opened our office in Abu Dhabi to support this expansion and are looking forward to growing the team locally,”
said Jason Hughes, Senior Executive Officer, UAE at eToro.
