April 19, 2024
eToro Expands in EU with Cyprus Crypto Registration
Latest Cryptocurrency News

eToro Expands in EU with Cyprus Crypto Registration

eToro, a brokerage firm known for its cryptocurrency-friendly services, is expanding its crypto offerings worldwide following the approval of new regulations in Europe.

On September 21, eToro announced that it had received a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC). This registration paves the way for eToro to provide regulated cryptocurrency services to all European Union countries through a single entity called eToro Europe Digital Assets. However, this registration will become effective once the EU’s Markets in Crypto-Assets Regulation (MiCA) comes into force in December 2024.

Hedva Ber, eToro’s Deputy CEO, emphasized the company’s readiness for the upcoming crypto era once MiCA is implemented. Europe holds significant importance for eToro, given that a majority of its user base resides in the region. Notably, other major cryptocurrency firms, such as the Bybit exchange, have also been expanding their presence in the EU by securing CySEC registration. On the contrary, Binance opted to deregister in Cyprus in June, citing a shift in focus towards larger markets.

This recent regulatory approval in Cyprus adds to eToro’s regulatory milestones, following similar recognition in Spain in July 2023 when the Bank of Spain approved eToro as a service provider for the exchange of virtual currency for fiat currency and electronic wallet custody services. Additionally, eToro had previously obtained a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers.

eToro made headlines in April 2023 when it partnered with Elon Musk’s X (formerly Twitter) to assist the social media platform in launching cryptocurrency and stock trading services. However, the company also faced legal issues in Australia earlier in the year, as the Australian Securities and Investments Commission filed a lawsuit against eToro over its “volatile” trading products in August.

Image by pikisuperstar on Freepik

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