Israel based Retail FX and CFDs broker eToro has announced that it has received approval for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.

Yoni Assia, Founder and CEO of eToro, commented:

“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.

“With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle East and George Naddaf, GCC & MENA Regional Manager, 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.”

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.”

Founded in 2007, eToro claims over 34 million registered users, operates in over 100 countries and is localised in more than 20 languages. The company was one of the first to adopt a focus on social and copy trading.