Saturday, February 24, 2024
More

    Latest Posts

    eToro Expands Crypto Services Worldwide After Securing Regulatory Approval in Europe

    eToro Receives CASP Registration from CySEC, Set to Offer Regulated Crypto Services Across EU

    eToro, the cryptocurrency-friendly brokerage firm, is poised to expand its crypto services worldwide following its recent regulatory milestone in Europe. The company has officially received a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC), marking a significant step in its global crypto ambitions.

    With this registration, eToro is set to offer regulated crypto services to all European Union countries through a single entity known as “eToro Europe Digital Assets.” However, the registration’s full impact will be realized once the EU’s Markets in Crypto-Assets Regulation (MiCA) comes into effect in December 2024.

    According to Hedva Ber, Deputy CEO of eToro, this registration demonstrates eToro’s readiness to embrace a new era for crypto when MiCA takes effect next year. Ber emphasizes the paramount importance of Europe to eToro, with a significant user base in the region.

    Notably, eToro joins other major crypto firms, such as the Bybit exchange, in expanding their presence in the EU by obtaining CySEC registration. In contrast, Binance opted to deregister in Cyprus earlier this year, citing a focus on “larger markets.”

    This latest regulatory approval in Cyprus follows a similar milestone in Spain, where the Bank of Spain approved eToro as a service provider for the exchange of virtual currency for fiat currency and electronic wallet custody services in July 2023. Furthermore, eToro previously secured a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers.

    As a prominent social trading and multi-asset investment firm, eToro made headlines in April 2023 by partnering with Elon Musk’s X (formerly Twitter) to facilitate the launch of crypto and stock trading on the social media platform. However, the company faced regulatory challenges in Australia earlier this year when the Australian Securities and Investments Commission sued eToro over “volatile” trading products in August.

    As eToro continues to expand its global footprint, this latest regulatory approval underscores the company’s commitment to providing regulated and accessible crypto services to users worldwide.

    Latest Posts

    -advertisement-

    Stay in touch

    To be updated with all the latest news, offers and special announcements.

    -advertisement-