eToro, a global trading and investment platform, has achieved a significant milestone by obtaining authorization to offer securities and crypto trading services in the United Arab Emirates (UAE) under the Financial Services Permission (FSP).
The Abu Dhabi Financial Markets Authority (ADGM), based in the capital of the UAE, granted eToro this pivotal license through its Financial Services Regulatory Authority.
eToro Secures Licensing Milestone in the UAE
The authorization under the FSP empowers eToro to operate as a broker for securities, derivatives, and crypto assets within the UAE. This achievement represents a crucial step for eToro in expanding its global presence and solidifying its footing in the region’s financial landscape.
Yoni Assia, the Founder and CEO of eToro, highlighted the burgeoning status of Abu Dhabi as a flourishing fintech hub. Assia expressed eToro’s enthusiasm to contribute to this growth and emphasized the importance of the newly acquired license in deepening eToro’s presence in the region.
eToro Vision for UAE Residents
With the granted license, eToro aims to assist UAE residents in increasing their financial knowledge, particularly in the realm of cryptocurrencies. The platform endeavors to provide a gateway for individuals to expand their wealth while navigating the dynamic landscape of digital assets.
The ADGM is confident that eToro’s licensing in the UAE will not only grant access to its progressive regulatory environment, but also propel the platform’s vision within the dynamic ecosystem of ADGM.
The UAE has emerged as a favorable destination for crypto firms seeking regulatory clarity, especially those encountering challenges with U.S. authorities. Dubai and Abu Dhabi, in particular, have become havens for crypto businesses due to their conducive regulatory frameworks.
UAE’s Regulatory Push
The Central Bank of the UAE introduced new anti-money laundering (AML) guidelines for financial institutions who are dealing with cryptocurrencies and non-fungible tokens (NFTs) earlier in the year.
Furthermore, Binance, a leading digital asset service provider became the first crypto exchange to receive the Operational Minimum Viable Product license in Dubai, illustrating the region’s proactive regulatory initiatives and their effectiveness.
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