Abu Dhabi Gives eToro In-Principle Approval

With a complete license, eToro will be allowed to operate as a security, derivatives, and cryptocurrency broker in the UAE capital.

The Financial Services Regulatory Authority of Abu Dhabi Global Market has granted eToro, the social trading platform, In-Principle Approval (ADGM). Following the anticipated acceptance for a complete license, the global broker will be authorized to operate as a security, derivatives, and cryptocurrency broker in the capital of the United Arab Emirates.

eToro, which was started in Tel Aviv in 2007, will be the next big-name broker to seek an ADGM license to grow its footprint in the Middle East. The ADGM license has been awarded to AvaTrader and Exinity, among others, in recent years, as retail brokers have moved towards the biggest regulated jurisdiction of virtual assets in the MENA area.

Since the ADGM was implemented in 2018, the UAE has developed a thriving fintech ecosystem and positioned itself as a powerful financial hub in the MENA region. Locally, FX/CFD trading is alive and well, with a bigger net worth than in most other locations. According to cPattern statistics, the average monthly deposit in the UAE in 2021 was $12,685, while the average FTD (First Time Deposit) in 2021 was $2,2295, which was much higher than in other areas.

“We are thrilled to help them as they work towards establishing their footing and presence in Abu Dhabi, the capital of the UAE,” said Arvind Ramamurthy, Chief of Markets at ADGM, of the eToro in-principle clearance. ADGM is the MENA region's biggest regulated virtual asset jurisdiction, and eToro's entry will strengthen its robust and trustworthy ecosystem of virtual asset trading venues, worldwide exchanges, and service providers.

About eToro

David Ring, Ronen Assia, and Yoni Assia launched eToro in Tel Aviv in 2007. eToro has 10 offices globally, including its headquarters office in Tel Aviv, as well as locations in the United States, the United Kingdom, and Cyprus.

eToro is, at its heart, a social trading tool that allows you to view what other traders are doing and mimic their tactics. According to the corporation, the platform is used by over 25 million merchants.

However, it is crucial to realize that eToro's offers in the United States are restricted. eToro is not accessible in all states, and at the moment, only bitcoin, stocks, and ETFs may be exchanged. eToro, on the other hand, might be an excellent option for people searching for a simple method to invest in alternative assets such as cryptocurrency.

About WikiFX

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It lists approximately 39,000 brokers, both registered and unregulated, and the team has been working closely with 30 financial authorities.

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