Cryptocurrency brokerage firm eToro has received regulatory approval in Europe and is expanding its crypto services worldwide. The company announced on September 21 that it has obtained a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC). This registration allows eToro to offer regulated crypto services to all countries in the European Union under the entity 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’s deputy CEO, Hedva Ber, stated that this registration demonstrates their readiness to embrace a new era for crypto once MiCA is implemented. Europe is a vital market for eToro, as the majority of its users are based in the region.
eToro is not the only crypto firm expanding its presence in the EU. Bybit exchange has also obtained the CySEC registration to strengthen its position in the European market. However, Binance, one of the largest crypto exchanges, applied to deregister in Cyprus in June, citing a desire to focus on larger markets.
This recent approval in Cyprus follows eToro’s regulatory milestones in other European countries. In July 2023, the Bank of Spain approved eToro’s registration as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services. The company also secured a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers.
Earlier this year, eToro gained attention for partnering with Elon Musk’s X (formerly Twitter) to assist in launching crypto and stock trading on the social media platform. However, the company faced legal issues in Australia when the Australian Securities and Investments Commission sued eToro over its “volatile” trading products in August.
The expansion of eToro’s crypto services globally showcases the increasing acceptance and adoption of cryptocurrencies. By obtaining regulatory approval in various countries, eToro aims to provide a trusted and regulated platform for users to engage in crypto trading.
As the crypto industry continues to evolve, regulations play a crucial role in ensuring investor protection and market stability. The implementation of MiCA in the EU will further enhance the regulatory framework for crypto assets, bringing more confidence and transparency to the market.
eToro’s expansion into new markets demonstrates the company’s commitment to providing accessible and regulated crypto services worldwide. With the increasing popularity of cryptocurrencies, the demand for trustworthy and compliant platforms continues to grow. eToro’s regulatory approvals position them as a leading player in the global crypto market.
Collecting this news article as an NFT allows individuals to preserve this significant moment in the history of eToro’s expansion and show support for independent journalism in the crypto space. It highlights the importance of reliable news coverage in the rapidly changing world of cryptocurrencies.
In conclusion, eToro’s successful registration as a Crypto Asset Service Provider in Europe marks a significant milestone for the company. The expansion of their crypto services demonstrates their commitment to providing regulated and accessible platforms for users worldwide. With regulatory approvals from multiple countries, eToro is positioned as a trusted player in the global crypto market.