Cryptocurrency-friendly brokerage firm eToro is expanding its crypto services worldwide by securing new regulatory approval in Europe. eToro has received the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC), which will authorize it to offer regulated crypto services to all countries in the European Union from one single entity known as eToro Europe Digital Assets. The registration will come into effect once the EU’s Markets in Crypto-Assets Regulation (MiCA) is enforced in December 2024.
eToro deputy CEO Hedva Ber said the registration shows that eToro is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.” Ber pointed out that Europe is “hugely important” for eToro as the majority of its users are based in the region.
Other major crypto firms like ByBit exchange have also been expanding their presence in the EU by obtaining the CySEC registration. Binance crypto exchange, however, applied to deregister in Cyprus in June 2023, claiming that it wanted to focus on “larger markets.”
eToro’s recent crypto approval in Cyprus follows a similar regulatory milestone in Spain. In July 2023, the Bank of Spain approved the registration of eToro as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services. eToro also secured a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers.
A major social trading and multi-asset investment firm, eToro made headlines in April 2023 by partnering with Elon Musk’s X (formerly Twitter) to help the social media platform launch crypto and stock trading. The firm also faced some issues in Australia earlier this year, with the Australian Securities and Investments Commission suing eToro over “volatile” trading products in August.
eToro, a cryptocurrency-friendly brokerage firm, is expanding its crypto services worldwide by securing new regulatory approval in Europe. The firm has received the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC), which will authorize it to offer regulated crypto services to all countries in the European Union from one single entity known as eToro Europe Digital Assets. The registration will come into effect once the EU’s Markets in Crypto-Assets Regulation (MiCA) is enforced in December 2024. eToro deputy CEO Hedva Ber said the registration shows that eToro is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.” Other major crypto firms like ByBit exchange have also been expanding their presence in the EU by obtaining the CySEC registration. Binance crypto exchange, however, applied to deregister in Cyprus in June 2023, claiming that it wanted to focus on “larger markets.” eToro’s recent crypto approval in Cyprus follows a similar regulatory milestone in Spain. In July 2023, the Bank of Spain approved the registration of eToro as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services. eToro also secured a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers. eToro made headlines in April 2023 by partnering with Elon Musk’s X (formerly Twitter) to help the social media platform launch crypto and stock trading. The firm also faced some issues in Australia earlier this year, with the Australian Securities and Investments Commission suing eToro over “volatile” trading products in August.This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇾 🇪🇸 🇫🇷 🇲🇹 🇦🇺 |
| Sentiment | positive |
| Relevance Score | 9 |
| People | Elon Musk, Gary Gensler, Hedva Ber |
| Companies | eToro, Autorité des Marchés Financiers, Australian Securities and Investments Commission, MiCA, CySEC, EU, Bank of Spain, X |
| Currencies | None |
| Securities | None |
