ADGM grants regulatory approval, enabling eToro’s trading and investment platform in the United Arab Emirates.
The Financial Services Regulatory Authority of Abu Dhabi Financial Markets Authority (ADGM) has given the trading and investment platform eToro permission to operate in the United Arab Emirates.
The platform has received approval from the FSRA of ADGM to function as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates, granting it a Financial Services Permission (FSP).
Furthermore the founder and CEO of eToro, Yoni Assia, states, “The approval of our operating licence by ADGM is a key milestone in our continued global expansion.” “We are thrilled to join this thriving ecosystem as Abu Dhabi is becoming recognized as a leading fintech hotspot.
“With our team in Abu Dhabi led by George Naddaf, regional manager for the GCC and MENA, and Jason Hughes, senior executive officer for eToro Middle East, we are looking forward to deepening our relationships in this dynamic market and helping our UAE clients grow their wealth and financial knowledge as part of a global investor community.”
“We are delighted to welcome eToro to ADGM and are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision,” said Arvind Ramamurthy, chief of market development at ADGM. “After all, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region.”
Finally eToro’s involvement will strengthen the UAE’s strategic importance to global finance and add to its dynamic and reliable ecosystem of virtual asset trading venues, global exchanges, and service providers.
Updated portfolio
Recently, eToro—which boasts over 34 million registered users from over 100 countries—also unveiled the XtremeWeather portfolio. It provides exposure to thirty carefully chosen stocks for retail investors from sectors like home renovation, industrial machinery, and renewable energy.
Moreover the portfolio is rebalanced annually with the express purpose of protecting and diversifying investors’ holdings and giving them the chance to participate in businesses that are actively promoting resilience and recovery from climate-related disasters. To reduce the danger of concentration, the allocation approach weights each of the 30 stocks equally. Starting at $500, this investment option offers investors performance tracking tools as well.
“2023 will be remembered as the year of climate change,” said Dani Brinker, head of investment portfolios at eToro. In addition almost no continent has been spared from the effects of natural disasters like the El Niño in Australia, the floods in Italy, and the flames in Maui.
Brinker added, “The reality of climate change has created a growing demand for recovery solutions and resilience.” Severe weather conditions force decision-makers to spend money or enact regulations to combat climate change.We wanted to give retail investors the chance to diversify their portfolios and invest in climate-proof companies that will aid in the reconstruction of our cities, communities, and surrounding wildlife following these extreme climate events, especially with the global climate conference, COP28, quickly approaching.
