At the close of Monday’s trading session, the global multi-asset trading platform, eToro, announced its new ADGM license for investor engagement in the UAE and the Middle East. For companies wanting to excel without large-scale tax payments and within economic and political security, an ADGM is noteworthy and opens international doors.
eToro granted ADGM license to investments in the UAE
M2, the Abu Dhabi-based trading platform, announced its new partnership in a bid to supply UAE customers space to trade virtual assets. While M2 became a fully regulated Multilateral Trading Facility (MTF), eToro was granted Financial Services Permission (FSP) and is now a registered crypto assets broker. Key differences between the MTF and FSP statuses include onboarding UAE clients, operating as a broker for securities and derivatives, and acting as a custodian to institutional clients.
Over the last ten years of rapid and forex momentum, the UAE has attracted mammoth interest from international platforms, all seeking operational licenses due to lenient tax laws that avoid double income taxation. By operating within such lenient, investor-friendly laws, eToro can focus its efforts on promoting cross-border trading and investment opportunities by way of its trading academy.
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Interestingly, eToro gained its ADGM license in 2022; however, with an operating change of this scale, it has taken over a year for the platform to ensure it adheres to the UAE’s transparent trading laws. Arvind Ramamurthy, Chief of Market Development at ADGM, congratulated the company’s movement into the UAE market as a significant, regulated jurisdiction for virtual assets.
