eToro Expands EU Presence: Gains CySEC Crypto License

eToro Expands EU Presence: Gains CySEC Crypto License

eToro,
the multi-asset investing platform, has announced today (Thursday) the approval
of its application for registration under the CySEC CASP (Crypto Asset Service
Provider) Register.

eToro’s
Global Regulatory Standing: A Multinational Approach to Compliance

This
approval permits eToro to offer regulated crypto services to all European Union
(EU) countries from a single entity, eToro (Europe) Digital Assets Ltd. The
regulatory framework enabling this expansion is expected to come into effect in
December 2024 with the implementation of the EU’s Markets in Crypto-Assets
Regulation (MiCA).

eToro
is to obtain the relevant authorization from the competent authority, CySEC,
before commencing operations under the new regulatory framework.

Dr
Hedva Ber, Deputy CEO at eToro, said: “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.”

“Europe
is a hugely important region for eToro, it’s where the majority of our users
are based and we want to continue offering to European investors direct access
to a wide range of crypto assets as part of a diversified portfolio.”

“This
new CySEC registration will make it much
easier for us to achieve this in a post-MiCA Europe, allowing us
to create a more streamlined and efficient offering for European investors who
want to trade with crypto assets.”

eToro
has built a global presence, being authorized and supervised by multiple
regulatory authorities in various jurisdictions, including the Financial
Conduct Authority (FCA) in the UK, the Australian Securities and Investments
Commission (ASIC) in Australia, the Cyprus Securities and Exchange Commission (CySEC)
in Cyprus, the Gibraltar Financial Services Commission (GFSC) in Gibraltar, and
regulatory bodies in the United States, such as FinCEN and FINRA.

eToro
is registered as a digital asset provider with local authorities like The Bank of Spain and the Autorité
des marchés financiers (AMF)
in France.

Investment
Options Galore: Direct Trading, Portfolios, and Replication

eToro’s
platform empowers users to invest, share knowledge, and learn within a
collaborative investment community. Users have access to a diverse range of
traditional and innovative assets and can choose from various investment
options, including direct trading, portfolio investment, and the ability to
replicate other investors’ strategies.

eToro
also offers educational resources, including tutorials and articles suitable
for both novice and experienced investors. Users can practice investing with no
financial risk through a virtual portfolio using virtual funds.

The
approval of eToro’s registration as a Crypto
Asset Service Provider in the EU represents a significant milestone for the
platform, as it paves the way for expanding its crypto-related services across
the European Union under robust regulatory oversight.

This
move aligns with the broader trend of increasing regulation in the
cryptocurrency space, aimed at enhancing investor protection and fostering
greater adoption of digital assets within the EU.

This article was written by Tareq Sikder at www.financemagnates.com.

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