According to Hedva Ber, eToro’s deputy CEO, Europe is “hugely important” to the company, as the majority of eToro’s users are located there.
eToro, a brokerage firm that supports cryptocurrencies, is expanding its crypto services globally after receiving regulatory sanctions in Europe.
EToro has been registered as a Crypto Asset Service Provider (CASP) by the Cyprus Securities and Exchange Commission (CySEC), the company announced on September 21.
According to eToro, the registration will allow it to offer regulated crypto services to all European Union member states through a singular entity called eToro Europe Digital Assets. The registration will explicitly take effect in December 2024, when the EU’s Markets in Crypto-Assets Regulation (MiCA) goes into effect.
According to eToro’s deputy CEO Hedva Ber, the registration demonstrates that eToro is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.” According to the executive, Europe is “hugely important” to eToro, as most of its users reside in the region.
By obtaining CySEC registration, other critical crypto firms, such as the Bybit exchange, have expanded their presence in the EU. In June, Binance applied to deregister in Cyprus, citing a desire to focus on “larger markets.”
The recent crypto approval of Ad EToro in Cyprus follows a comparable regulatory achievement in Spain. The Bank of Spain authorized eToro’s registration as an exchange of virtual currency for fiat currency and electronic wallet custody service provider in July 2023.
Before this, eToro registered as a digital asset service provider with the French financial regulator, the Autorité des Marchés Financiers. In April 2023, eToro made headlines when it partnered with Elon Musk’s X (formerly Twitter) to help the social media platform introduce crypto and stock trading.
The Australian Securities and Investments Commission filed a lawsuit against eToro in August over “volatile” trading products.