eToro Receives License in UAE as Part of Global Expansion
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The international investing and trading platform eToro has achieved a significant milestone by obtaining a license from the Abu Dhabi Global Market (ADGM). This license enables eToro to operate in the United Arab Emirates (UAE) as a broker for securities, derivatives, and cryptocurrency assets. This move is a strategic part of eToro’s global expansion, with a specific focus on the UAE, a region showing great potential for crypto growth.
eToro is set to offer more than just trading in the UAE. The company is dedicated to promoting financial education and encouraging community involvement. The firm’s commitment to local regulatory norms is evident from the full licensing it received, following an initial in-principle authority granted over a year ago. This demonstrates eToro’s dedication to compliance and transparency within the UAE’s financial ecosystem.
Launch of XtremeWeather Portfolio
In addition, eToro has launched the XtremeWeather portfolio. This innovative product allows retail investors to explore companies that are well-equipped to address challenges due to extreme weather conditions. The portfolio consists of 30 stocks across various sectors, crucial for recovery efforts after extreme weather events.
Arvind Ramamurthy, Chief of Market Development at ADGM, has praised eToro’s entry into the UAE market. He notes that it will strengthen the UAE’s position as a leading regulated jurisdiction for virtual assets in the Middle East and North Africa. Key appointments in the UAE further signify eToro’s commitment to integrating into the Middle Eastern market.
Global Expansion and Resilience
eToro’s launch in the UAE coincides with its continuous global expansion. The firm has also obtained a license from the Cyprus Securities and Exchange Commission (CySEC) to extend its operations in Europe.
Despite a decrease in valuation, eToro’s strategic actions and regulatory achievements underscore its resilience and commitment to growth. Additionally, the company is preparing to offer cryptocurrency services in the EU, following its approval as a Crypto Asset Service Provider (CySEC CASP), aligning with the forthcoming MiCA regulatory framework.
Filed under: Bitcoin - @ November 28, 2023 4:48 am