eToro Expands Crypto Services Across Europe

Cryptocurrency
Martin Walker
Sep 21, 2023 at 01:13 pm

Brokerage company eToro, known for its favorable stance on cryptocurrency, is extending its global crypto offerings following the acquisition of fresh regulatory approval across Europe.

On September 21, eToro officially disclosed that it had obtained registration as a Crypto Asset Service Provider (CASP) from the Cyprus Securities and Exchange Commission (CySEC), allowing it to expand its regulated crypto services throughout the European Union under a unified entity called eToro Europe Digital Assets. This registration is set to become operational upon the enforcement of the EU’s Markets in Crypto-Assets Regulation (MiCA) in December 2024.

Hedva Ber, eToro's deputy CEO, emphasized that this registration demonstrates their full readiness to welcome a new era for crypto when MiCA takes effect next year. Ber noted the paramount significance of Europe for eToro, considering that a majority of their user base is situated in this region.

Several other prominent crypto entities, including the Bybit exchange, have also been augmenting their presence within the EU by securing CySEC registration. Conversely, Binance expressed its intention to deregister in Cyprus in June, redirecting its focus towards "larger markets."

eToro's recent approval in Cyprus for crypto operations mirrors a comparable regulatory achievement in Spain. In July 2023, the Bank of Spain sanctioned eToro's registration as a service provider for the exchange of virtual currency into fiat currency and custody services for electronic wallets. Additionally, eToro had previously gained registration as a digital asset service provider from the French financial regulatory body, the Autorité des Marchés Financiers.

eToro, a notable player in social trading and multi-asset investment, made waves in April 2023 by collaborating with Elon Musk’s X (previously known as Twitter) to aid in the introduction of cryptocurrency and stock trading on the social media platform.

However, the company faced legal challenges earlier in the year in Australia, with the Australian Securities and Investments Commission filing a lawsuit against eToro concerning the trading of "volatile" financial products in August.

Read more: The DIY Trezor Chronicles: A Journey in Electronics

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