The Abu Dhabi Financial Markets Authority (ADGM) has announced that eToro has been approved to operate as a broker for securities, derivatives, and crypto assets in the UAE.
Representatives from eToro have expressed that the approval of their operational license by ADGM marks a significant achievement in their ongoing worldwide expansion. Abu Dhabi is gaining recognition as a flourishing fintech hub, and eToro is pleased to join this thriving ecosystem. The company is looking forward to deepening its ties within this dynamic market and contribute to the financial education and prosperity of its UAE clients, fostering growth within a global community of investors.
Representatives from ADGM said they are happy to welcome eToro. 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.
Founded in 2007, eToro has over 34 million registered users, operates in over 100 countries and is localised in more than 20 languages. With the commitment to give people the tools they need to grow their knowledge and wealth, on eToro, users can view other investors’ portfolios and statistics, and interact with them to exchange ideas and discuss strategies.
On eToro, users can hold traditional assets such as equities, currencies, or commodities alongside ‘new’ assets such as crypto. eToro also offers its users a choice of how to invest, as users can trade directly themselves, invest in a Smart Portfolios, or copy the investment strategy of other investors on eToro’s platform.
In October 2023, eToro has collaborated with Index Coop to introduce a new Web3 crypto Smart Portfolio, covering Bitcoin, Ethereum, decentralised finance (DeFi), and the Metaverse.
Index Coop, known for its presence in DeFi, offers various on-chain structured products within the Ethereum blockchain. eToro highlights the significance of Web3 in the context of rapid technological advancements, projecting a market size of USD 81.5 billion by 2030. The partnership aims to offer investors a platform to engage in the Web3 revolution.
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