eToro has secured approval from the Abu Dhabi Global Market (ADGM) to operate as a broker dealing in securities, derivatives, and crypto assets in the United Arab Emirates (UAE). The approval, granted by the Financial Services Regulatory Authority of ADGM, allows eToro to establish a presence in Abu Dhabi. They can now extend their services across the UAE.

Yoni Assia, the Founder and CEO of eToro, expressed the importance of this approval. He stated, “It is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are happy to become part of this flourishing ecosystem.”

Also, Arvind Ramamurthy, the Chief of Market Development at ADGM, welcomed the approval. He also expressed confidence that ADGM’s dynamic ecosystem and progressive regulations would enable eToro’s vision. He highlighted that ADGM is the largest regulated jurisdiction for virtual assets in the MENA region. Arvind also emphasized that eToro’s participation would reinforce the UAE’s value in global finance.

eToro Gains Approval to Operate in UAE

The full license was granted to eToro after obtaining an in-principal authorization to operate within one of the Arab emirates over a year ago. In line with its expansion efforts, eToro has appointed Jason Hughes as Senior Executive Officer for the Middle East. Whereas, George Naddaf as the Regional Manager of GCC & MENA. The company aims to deepen its relationships in the UAE market.

Moreover, this approval comes on the heels of eToro’s recent licensing by the Cyprus Securities and Exchange Commission, expanding its operations in Europe. Notably, these developments unfold against the backdrop of a decline in the company’s valuation. According to an assessment in August, eToro’s valuation has decreased by $800 million from its previous figure of $2.5 billion.

Founded in 2007, eToro boasts a global presence in over 100 countries, with more than 34 million registered users. The platform allows users to invest in both traditional assets and cryptocurrencies. It offers a unique feature that enables users to replicate the investment strategies of top-performing investors. As eToro strengthens its foothold in the UAE, it remains to be seen how these moves will impact its market position.

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