Social trading-focused brokerage eToro announced that it has received a Financial Services Permit (FSP) from the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM) as a broker for securities, derivatives, and crypto assets in the United Arab Emirates (UAE).
"The approval of our operating license by ADGM is an important milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing financial technology hub, and we are excited to be part of this thriving ecosystem," said Yoni Assia, founder and CEO of eToro, commenting on the approval.
"Our team in Abu Dhabi, led by Jason Hughes, eToro's Senior Executive Officer Middle East, and George Naddaf, Regional Manager GCC and Middle East, is looking forward to deepening our relationship in this dynamic market and helping our UAE clients expand their financial knowledge and wealth within the global investor community," he added.
It is worth noting that the demand for zero-commission applications from retail investors has contributed to eToro's popularity.
Israeli broker eToro began operations in 2007 and currently provides its services to more than 34 million registered users in over 100 countries. The company is regulated in Europe, Australia, the United Kingdom, and the United States.
Recall that in March, eToro raised $250 million from investors including SoftBank Vision Fund 2 and Velvet Sea Ventures, valuing the company at $3.5 billion.
However, according to The National News, one of the most requested features by retail investors is copy trading, which allows new investors to mimic the trading strategies of more experienced users.
"We believe this will help retail investors become as successful as hedge fund managers," said an eToro executive.
It is also important to note that the broker pays great attention to the support and security of its clients. The broker's library contains a wide range of materials and videos to enhance the financial literacy and education of users. The company also provides access to a demo account to learn how to trade and invest.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, said: "We are delighted to welcome eToro to ADGM. We are confident that ADGM's dynamic ecosystem and progressive regulation will enable eToro to realize its vision. ADGM is the largest regulated virtual asset jurisdiction in the MENA region, and eToro's participation will complement its vibrant and robust ecosystem of virtual asset trading platforms, global exchanges, and service providers, reinforcing the UAE's strategic value to global finance."
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