eToro Expands Global Crypto Services with New Regulatory Approval in Europe
Summary:
eToro, a pro-cryptocurrency brokerage firm, is extending its services globally after achieving new regulatory approval in Europe. The firm has officialised the receipt of its Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC) that allows it to provide regulated cryptocurrency services to all European Union markets. This registration is set to come into effect upon the enforcement of the EU's Markets in Crypto-Assets Regulation (MiCA) in December 2024.
eToro, a brokerage firm known for its positive stance on cryptocurrencies, is extending its crypto-based services to the global market following new regulatory approval acquired in Europe. This approval, termed as a Crypto Asset Service Provider (CASP) registration, has been granted by the Cyprus Securities and Exchange Commission (CySEC) and was officially announced by eToro on 21st September.
With this approval, eToro obtains the right to provide regulated services related to cryptocurrencies to all European Union countries, operating as a single entity called eToro Europe Digital Assets. The CASP registration will become active once the EU's Markets in Crypto-Assets Regulation (MiCA) comes into force in December 2024.
Hedva Ber, eToro's deputy CEO, stated that obtaining this registration signifies that eToro is fully prepared to welcome a new phase for cryptocurrencies when the MiCA regulations take effect next year. Ber also emphasized that Europe holds vital importance for eToro as most of its user base resides in this region.
In the EU, other significant crypto companies like the ByBit exchange have also been spreading their influence by procuring the CySEC provision. Contrarily, in June 2023, Binance declared its intention to deregister in Cyprus to concentrate on larger marketplaces.
The recently acquired crypto approval in Cyprus follows eToro's similar regulatory achievement in Spain. In July 2023, eToro received authorization from the Bank of Spain to operate as a service provider for the exchange of virtual currency for fiat currency and for electronic wallet custody services. Earlier, the French financial regulator, the Autorité des Marchés Financiers, also granted eToro a digital asset service provider registration.
eToro, an established social trading and multi-asset investment company, attracted attention in April 2023 by collaborating with Elon Musk's X (formerly Twitter) to support the social media giant in initiating crypto and stock trading. However, eToro encountered issues in Australia when the Australian Securities and Investments Commission charged it for providing “volatile” trading products in August.
Published At
9/21/2023 12:32:03 PM
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