Key takeaways:
- eToro secures approval for registration under CySEC’s Crypto Asset Service Provider (CASP) Register.
- Registration sets the stage for eToro to provide regulated crypto services across all EU countries through a single entity, eToro (Europe) Digital Assets
eToro, the trading and investment platform, has officially received approval for its registration under the CySEC CASP (Crypto Asset Service Provider) Register. This milestone paves the way for eToro to provide regulated cryptocurrency services across all EU nations through a single entity, namely eToro (Europe) Digital Assets Ltd.
This expansion is set to align with the anticipated implementation of the EU’s Markets in Crypto-Assets Regulation (MiCA) in December 2024.
Before commencing operations under this new regulatory framework, eToro will need to secure the necessary authorization from CySEC, the competent authority.
Dr. Hedva Ber, Deputy CEO at eToro, expressed, “This registration signifies our full readiness to embrace the forthcoming crypto era when MiCA takes effect next year.”
The Deputy CEO further emphasized that the company’s successful registration signifies its complete readiness to embrace the forthcoming crypto era under MiCA next year. He also highlighted the significance of Europe for eToro, given that the majority of its user base resides in the region.
Several other prominent crypto firms, including the Bybit exchange, have been expanding their presence in the EU by securing CySEC registration. In contrast, Binance chose to apply for deregistration in Cyprus in June, citing a desire to focus on “larger markets.”
CySEC’s approval positions eToro to provide streamlined and efficient crypto services across the EU, offering substantial benefits to European investors in a post-MiCA regulatory landscape.
This development comes as a relief for eToro, particularly in light of recent regulatory challenges. In June, eToro placed limitations on US customers, blocking them from initiating new positions in specific cryptocurrency tokens and suspending the acquisition of ALGO, MANA, MATIC, and DASH tokens for US clients.
Moreover, in August, the Australian regulator ASIC filed misconduct charges against the platform, singling out eToro’s crypto trading division for alleged dishonest, inefficient, and unfair handling of its contract for difference (CFD) product.
With this fresh CySEC registration, eToro is poised to significantly enhance its ability to fulfill this commitment in a post-MiCA Europe. This registration will enable the company to develop a more streamlined and efficient offering tailored to investors interested in crypto asset trading.
