eToro Receives Approval to Operate in UAE
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eToro Receives Approval to Operate in UAE

eToro’s foray into the UAE comes amidst a period of global expansion for the platform.

Godfrey Benjamin By Godfrey Benjamin Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
eToro Receives Approval to Operate in UAE
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The retail and social trading giant eToro recently announced that it has received a license from the Abu Dhabi Global Market (ADGM) to operate as a broker in securities, derivatives, and crypto assets in the United Arab Emirates (UAE).

eToro Bags Significant License

Yoni Assia, the Founder and CEO of eToro, expressed his enthusiasm, stating:

“It 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.”

As part of its expansion strategy, eToro is keen on deepening its relationships within the UAE. The company recognizes the potential of the region’s growing investor base and aims to provide them with a platform that not only facilitates trading but also fosters financial education and community engagement.

The full license comes after eToro received in-principal authorization to operate within the region over a year ago, showcasing the company’s commitment to meeting local regulatory standards. This approval not only positions eToro as a reliable player in the UAE’s financial ecosystem but also highlights the platform’s dedication to compliance and transparency.

Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed the approval, emphasizing that eToro’s participation will strengthen the UAE’s standing as the largest regulated jurisdiction for virtual assets in the MENA region.

To further solidify its presence in the region, eToro has made strategic appointments. Jason Hughes joins as the Senior Executive Officer for the Middle East, while George Naddaf takes on the role of Regional Manager of GCC & MENA. These appointments demonstrate eToro’s dedication to building relationships and understanding the unique dynamics of the UAE market.

eToro’s Global Expansion amid Valuation Changes

eToro’s foray into the UAE comes amidst a period of global expansion for the platform. The company recently secured a license from the Cyprus Securities and Exchange Commission (CySEC), expanding its operations in Europe.

However, it’s worth noting that eToro’s valuation has experienced a decline, shrinking by $800 million from the previous figure of $2.5 billion, according to an assessment in August. Despite valuation fluctuations, eToro’s strategic moves and regulatory approvals highlight its resilience and commitment to growth.

Additionally, eToro announced its readiness to offer crypto-related services in the European Union (EU) following the approval of its application for registration under the Crypto Asset Service Provider (CySEC CASP). The platform anticipates providing these services after the Markets in Crypto Assets (MiCA) regulatory framework goes into effect in the fourth quarter of 2024.

Furthermore, eToro recently introduced the XtremeWeather portfolio. This innovative offering aims to provide retail investors with exposure to companies equipped to address challenges arising from extreme weather events.

The portfolio comprises 30 stocks from industries crucial to recovery and normalization after extreme weather events, such as renewable electricity, industrial machinery, home improvement retail, and more.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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