Under Financial Services Permission (FSP), social trading platform eToro is now permitted to offer cryptocurrency and securities trading in the United Arab Emirates.
The international investing and trading platform eToro has said that it has received its most recent license from the United Arab Emirates. The Financial Services Regulatory Authority of ADGM explicitly granted the license.
Therefore, the social investing platform is authorized to provide its services in the area by virtue of this license. Significantly, this new eToro license permits the platform to function in the United Arab Emirates as a broker for futures, securities, and cryptocurrency assets.
The company views this most recent addition as a significant step toward going worldwide. Yoni Assia, the founder and CEO of eToro, expressed his company’s participation in the recent expansion of Abu Dhabi as a fintech hub.
He believes the trading platform will be able to establish stronger ties in the area with the aid of the new eToro license. Assia said:
“The approval of our operating license by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognized as a growing fintech hub, and we are excited to become part of this flourishing ecosystem”
By giving UAE people a way to learn about finance, particularly as it relates to cryptocurrencies, eToro hopes to assist them in becoming wealthier. However, the ADGM is optimistic that the eToro license from the United Arab Emirates, which grants the company entry to the platform’s vibrant environment and progressive laws, would aid in advancing the platform’s objectives.
Notably, the UAE’s cryptocurrency environment has improved to the benefit of numerous cryptocurrency businesses, especially those looking for refuge outside of the US. B
Because of the established regulatory structure, places like Dubai and Abu Dhabi have developed into safe havens for cryptocurrency enterprises with difficulties with US authorities.
The UAE Central Bank released new AML guidelines for financial institutions dealing with NFTs and cryptocurrencies in May. Leading digital asset service provider Binance became the first cryptocurrency exchange in Dubai to obtain an Operational Minimum Viable Product license a few months later, demonstrating the effectiveness of the region’s regulatory effort.
