Social investing network eToro has received an ‘In-Principle Approval’ to operate as a securities, derivatives and crypto broker in Abu Dhabi.
This approval for a Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), means eToro will establish a base to offer its services to customers across the region.
eToro senior executive officer, UAE Jason Hughes highlighted that this is an important milestone for the company. Hughes said, “The UAE has one of the most vibrant FinTech landscapes in the Middle East, and Abu Dhabi one of the most sophisticated regulatory frameworks for digital assets.”
Founded in 2007, eToro aims to make investing open to everyone. Its investment platform is built around social collaboration and investor education. There are currently over 30 million registered users that can connect, share and learn.
Users can view other investors’ portfolios and statistics and interact with them to exchange ideas, discuss strategies and benefit from shared knowledge. Users can hold traditional assets, such as equities, currencies, ETFs or commodities. Additionally, they can hold new assets, like cryptos.
ADGM chief of markets Arvind Ramamurthy said, “We are pleased that eToro has been awarded an In-Principle Approval by the ADGM and are excited to support them as they work towards establishing their foothold and presence in Abu Dhabi, the capital of the UAE.
“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.
Earlier in the year, eToro signed a partnership with tax reporting solution Regnology. As part of this deal, eToro can create company-specific tax reports for clients. One of the deciding factors of picking Regnology was the cloud-based solution that can highly automate processes.
Copyright © 2022 FinTech Global
