- eToro has expanded its reach to the EU market.
- The brokerage firm has been awarded registration approval in Cyprus.
- The firm will offer crypto services as a diversified portfolio.
The Cyprus Securities and Exchange Commission (CySEC) has approved crypto-friendly trading and investment platform eToro to register as a Crypto Asset Service Provider (CASP) in Europe.
The registration approval positions eToro to offer regulated crypto services across the European Union (EU) once the region’s Markets in Crypto-Assets Regulation (MiCA) establishes a clear regulatory framework in December 2024.
Expanding Services to 27 Countries in Europe
In a press release dated September 21, eToro revealed that the MiCA-approved registration will enable the brokerage firm to offer a range of cross-border crypto asset services as part of a diversified portfolio across the EU from a single entity named eToro (Europe) Digital Assets Ltd.
Under the MiCA regulatory regime, all 27 EU countries shall adopt one authorization system when granting Web3 and digital assets permits to companies, and a service provider may operate throughout the block’s market, subject to obtaining a valid license in only one of the member countries.
eToro’s Deputy CEO, Dr Hedva Ber, lauded the registration approval, noting that the company’s entry into Europe is a big win, given that most of its customers are in the region.
“This registration signals that we are 100% ready to embrace a new era for crypto once MiCA comes into effect next year. As a global company regulated in various markets around the world, we are very much looking forward to the increased certainty and security that MiCA will offer to both consumers and reputable businesses in this space,” Ber said.
Global Dominance Approach
The CASP crypto registration approval in Cyprus follows a similar regulatory milestone for eToro in Spain, where the Bank of Spain approved the company to provide virtual currency for fiat currency exchange and electronic wallet custody services.
Other regulatory bodies that have approved eToro’s operations across various jurisdictions include the U.K.’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Gibraltar Financial Services Commission (GFSC).
Stay updated on how France is preparing for MiCA:
France Prepares for MiCA with Focus on 6 Key Areas
Read more about the registration approval of Crypto.com in the Netherlands:
Crypto.com Approved to Register and operate in the Netherlands