Top crypto trading and investing company eToro has secured an operational license from the United Arab Emirates (UAE) to operate in Abu Dhabi.
The Abu Dhabi Financial Markets Authority (ADGM), on behalf of the country awarded the a Financial Services Permission (FSP) license to eToro to operate as a broker for securities, derivatives, and crypto assets in the United Arab Emirates.
eToro with over 34 million registered users operates in over 100 countries and is localized in more than 20 languages. Speaking on the license, Founder and CEO of eToro, Yoni Assia said:
“The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem.”
“With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors,” he added.
The license permits eToro to be “an Authorized Person to conduct the Regulated Activities of (a) Dealing in Investments as Principal (Matched), (b) Arranging Deals in Investments, (c) Providing Custody, (d) Arranging Custody and (e) Managing Assets (under Financial Services Permission Number 220073) under the Financial Services and Market Regulations 2015 (“FSMR”).”
The UAE is the latest to grant eToro operational license. The company also has a license from the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Services Authority (FSA) in the Seychelles.
Enhancing eToro’s Vision
Securing an operational license is one of the greatest things any crypto platform can achieve, regulators can make or mar the company’s business. According to Chief of Market Development at ADGM Arvind Ramamurthy, the license will help eToro achieve its vision of empowering the world educationally and financially.
“We are delighted to welcome eToro to ADGM. We are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region and eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance,” he said.
eToro is just one of the many crypto companies that have secured regulatory permissions to operate in the UAE. Other top players like Binance and Coinbase secured various licenses earlier this year, giving them legal backing to operate in the region.
UAE’s Role in Global Crypto Growth
The UAE is a strategic player in the global adoption of cryptocurrencies. As stated by Ramamurthy, it is known for its progressive legislation as far as cryptocurrencies are concerned.
This explains why its major cities like Dubai and Abu Dhabi have become hotspots for crypto startups over the years. Every top crypto company either has an office in the region or is aspiring to create one.
With the new license, eToro is the latest big crypto exchange to operate there, but is certainly not the last, as many more companies will seek licenses in the UAE.
