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Global trading and investment platform eToro has announced the receipt of its latest license from the United Arab Emirates.
eToro License Marks a Major Milestone
eToro received approval to operate under Financial Services Permission (FSP) from the international financial center in the capital of UAE, the Abu Dhabi Financial Markets Authority (ADGM). The license was specifically issued by the Financial Services Regulatory Authority of ADGM. Holding this license gives the social investment platform the legal right to offer its services in the region.
Markedly, this new eToro license authorizes the platform to operate as a broker for securities, derivatives, and crypto assets in the UAE. The firm acknowledges the latest addition as a milestone in its journey towards global expansion.
Yoni Assia, Founder and CEO of eToro acknowledged how much Abu Dhabi has been growing recently as a fintech hub, stating that eToro will be a part of the move. He is hopeful that the new eToro license will help the trading platform deepen its roots in the region.
“The approval of our operating licence by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognised as a growing fintech hub, and we are excited to become part of this flourishing ecosystem,” Assia said.
UAE Becomes Crypto Haven
eToro plans to also help UAE residents increase their wealth by providing an avenue for them to gain financial knowledge especially as it has to do with cryptocurrencies. On the other hand, the ADGM is confident that the eToro license from UAE, which gives the firm access to ADGM’s dynamic ecosystem and progressive regulations, will help to propel the platform’s vision.
It is worth noting that the crypto atmosphere in the UAE has become conducive for many crypto firms, particularly those seeking solace outside the United States. Regions like Dubai and Abu Dhabi have become safe havens for crypto businesses facing challenges with U.S. authorities due to the clear regulatory framework available.
In May, the Central Bank of the UAE unveiled new AML guidelines for financial institutions dealing with cryptocurrencies and NFTs. A few months later, leading digital asset service provider Binance became the first crypto exchange to receive the Operational Minimum Viable Product license in Dubai, proof the region’s regulatory push is working.
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