On 27 November, global trading and investment platform eToro announced that it has been granted a Financial Services Permission (FSP) by the Abu Dhabi Financial Services Regulatory Authority (FSRA) to operate as a securities, derivatives and crypto asset broker in the UAE.
The FSRA is an independent body within the Abu Dhabi Financial Centre (ADGM), an international financial centre located in the capital of the UAE, and is responsible for the regulatory regime and global business cooperation in the financial district.
Senior Executive Officer Jason Hughes and George Naddaf, Regional Manager for the Middle East and North Africa, will lead eToro's Middle East team.
eToro's Founder and CEO Yoni Assia said, "The approval of our operating licence by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognised as a growing fintech hub, and we are excited to become part of this flourishing ecosystem."
"... 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."
Commenting on this, Arvind Ramamurthy, Chief of Market Development at ADGM, said, "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."