Global trading and investment platform eToro has announced the receipt of its latest license from the United Arab Emirates.
eToro license marks an important milestone
eToro has received approval to operate under the Financial Services Permit (FSP) from the international financial center in the capital of the United Arab Emirates, the Abu Dhabi Financial Markets Authority (ADGM). The license was specifically issued by the ADGM Financial Services Regulatory Authority. Possession of this license gives the social investment platform the legal right to offer its services in the region.
Notably, this new license from eToro authorizes the platform to operate as a securities, derivatives and cryptoassets broker in the United Arab Emirates. The company recognizes the latest addition as a milestone in its journey toward global expansion.
The United Arab Emirates becomes a crypto paradise
eToro also plans to help UAE residents increase their wealth by providing them with an avenue to gain financial knowledge, especially when it comes to cryptocurrencies. On the other hand, ADGM is confident that eToro’s UAE license, which gives the company access to ADGM’s dynamic ecosystem and progressive regulations, will help drive the platform’s vision.
It is important to note that the crypto atmosphere in the UAE has become conducive for many crypto companies, especially those seeking solace outside the United States. Regions like Dubai and Abu Dhabi have become safe havens for crypto companies facing challenges with US authorities due to the clear regulatory framework available.
In May, the UAE Central Bank published new AML guidelines for financial institutions dealing with cryptocurrencies and NFTs. A few months later, Binance, a leading digital asset services provider, became the first cryptocurrency exchange to receive the Minimum Operating Viable Product license in Dubai, proof that the region’s regulatory push is working.