Yoni Assia, the founder and CEO of eToro, a leading multi-asset investment platform, has reported substantial growth in the UAE. Last year, during Abu Dhabi Finance Week, we officially activated our license, and since then, we have observed significant expansion in the region. We are progressively localizing our product to better suit the UAE market and are aiming to introduce more of our global products here,” Yoni Assia, co-founder and CEO of eToro, shared with Khaleej Times during his recent visit to Dubai.
The platform is currently in the process of expanding its local offerings and is in discussions with the Abu Dhabi Securities Exchange (ADX). “We believe our presence here offers a dual opportunity for the UAE. Firstly, it simplifies and enhances accessibility for locals to diversify their portfolios between local and global stocks within a unified portfolio. This includes US stocks, local stocks, and cryptocurrencies alongside ETFs, commodities, and currencies. Secondly, it brings these stocks to global markets. We see immense potential,” Assia explained.
Assia also highlighted the significant opportunity of making local stocks accessible to eToro’s global audience. “We have market analysts in Australia, Asia, France, and Germany who cover both local markets for local customers and local markets for global customers. This presents a great opportunity for us to see more exciting companies go public in local markets and then expand our global franchise to cover these stocks. We also aim to bring our technology to cover local stocks for our global audience,” he added.
Assia emphasized that there is an infinite amount of innovation and opportunity, but this world has yet to fully connect with the traditional financial world. “Eventually, I am confident that the Dubai Financial Market (DFM) will adopt a blockchain-based, 24x7 system that enables digital assets, possibly digital REITs from Dubai, to trade globally as easily as crypto assets. However, this process takes time as it requires local exchanges and banks to adapt and replace their technology,” he noted.
Dubai is rapidly emerging as one of the world’s largest hubs for crypto millionaires, according to Assia. “I know many individuals who have relocated here from various countries and have made their wealth in crypto. The government and regulators here are also very supportive of this trend and industry,” he added.
eToro has enjoyed considerable success over the past 17 years, with its growth in Europe being driven by harmonizing regulation across the continent. “When you have a single set of rules for Germany, France, Italy, Spain, and the UK, you build technology once and it spreads, which is why Europe and the UK still account for 70% of our business. If the UAE can drive this harmonization among the larger players in the region, it presents a huge opportunity for crypto, the digital economy, and the UAE,” Assia concluded.
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