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eToro Gains Regulatory Green Light for UAE Operations from ADGM

eToro, the trading and investing platform, has received approval from the Financial Services Regulatory Authority of Abu Dhabi Financial Markets Authority (ADGM) to operate in the United Arab Emirates.

The platform has got the nod for a Financial Services Permission (FSP) from the FSRA of ADGM to operate as a broker for securities, derivatives, and cryptoassets in the UAE.

“The approval of our operating licence by ADGM is a key milestone in our continued global expansion,” says Yoni Assia, founder and CEO of eToro. “Abu Dhabi is increasingly recognised as a growing fintech hub, and we are excited to become part of this flourishing ecosystem.

“With our team in Abu Dhabi led by Jason Hughes, senior executive officer for eToro Middle East and George Naddaf, GCC & MENA regional manager, we are looking forward to deepening our relationships in this dynamic market and to helping our UAE clients grow their financial knowledge and wealth as part of a global community of investors.”

Arvind Ramamurthy, chief of market development at ADGM, also commented: “We are delighted to welcome eToro to ADGM and are confident that ADGM’s dynamic ecosystem and progressive regulations will enable eToro’s vision, ADGM is the largest regulated jurisdiction of virtual assets in the MENA region.

“eToro’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges and service providers, and reinforce the UAE’s strategic value to global finance.”

New portfolio

eToro, which has more than 34 million registered users from more than 100 countries, also recently introduced an new XtremeWeather portfolio. It offers retail investors exposure to 30 selected stocks from industries such as renewable energy, industrial machinery and retail home improvement.

The portfolio undergoes annual rebalancing with the specific goal of diversifying and safeguarding investors’ portfolios, offering them the opportunity to invest in companies actively contributing to recovery and resilience after climate-related events. The allocation strategy also equally weights all 30 stocks to mitigate concentration risk. This investment opportunity starts at $500 and also provides investors with tools to monitor performance.

Dani Brinker, head of investment portfolios at eToro, commented: 2023 will be remembered as the year of climate change. From the effects of El Niño in Australia to the floods in Italy and the wildfires in Maui, almost no continent has been immune.

“The reality of climate change has created a growing demand for resilience and for recovery solutions,” Brinker also commented. “Extreme weather events push policymakers to invest or regulate to address climate change .With the global climate conference, COP28, around the corner, we wanted to offer retail investors the opportunity to invest in the climate-proof their portfolios and diversify into industries that will help rebuild our cities, communities, and surroundings wildlife after these extreme climate events.”

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