In order for eToro to do business in the United Arab Emirates, the Abu Dhabi Global Market (ADGM) has issued a license.
The top social and retail trading platform eToro has expanded its operations to the United Arab Emirates (UAE) with a license from the Abu Dhabi Global Market (ADGM). With its newfound prominence, eToro is well-positioned to dominate the financial sector in the area.
With this license in hand, the cryptocurrency exchange may expand its business operations into the Middle Eastern market by trading equities, derivatives, and crypto assets. This success is a major step forward for eToro’s global expansion plans, according to Yoni Assia, the company’s founder and chief executive officer. Assia made the statement, “We are thrilled to join this vibrant ecosystem,” in reference to Abu Dhabi’s growing fintech scene.
The permission, which comes more than a year after the exchange was granted in-principle authorization, highlights the firm’s dedication to meeting the criteria of local regulations. This action further demonstrates eToro’s dedication to operating in a transparent and compliant manner, which in turn increases its trust in the UAE.
The extension will allow the exchange to further connect with the UAE. As the number of investors in the area continues to rise, the firm is planning to provide a platform that helps people learn about trading and personal finance. This strategy is in line with the growing number of locals looking for investment options and financial market information.
The platform has made important appointments to strengthen its footprint in the Middle East, with Jason Hughes being named Senior Executive Officer and George Naddaf designated Regional Manager of GCC & MENA. These appointments show that eToro is committed to establishing strong ties with locals and adjusting to the specific market dynamics of the UAE.
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