eToro secures crypto registration in Cyprus to expand in EU

Regulation

Cryptocurrency-friendly brokerage firm eToro is expanding its crypto services worldwide by securing new regulatory approval in Europe.

eToro has received the Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC), the firm officially announced on Sept. 21.

According to eToro, the registration will authorize it to offer regulated crypto services to all countries in the European Union from one single entity known as eToro Europe Digital Assets. The registration will specifically come into effect once the EU’s Markets in Crypto-Assets Regulation (MiCA) is enforced in December 2024.

According to eToro deputy CEO Hedva Ber, the registration shows that eToro is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.” The exec pointed out that Europe is “hugely important” for eToro as the majority of its users are based in the region.

Some other major crypto firms like ByBit exchange have also been expanding their presence in the EU by obtaining the CySEC registration. On the other hand, Binance crypto exchange in June 2023 applied to deregister in Cyprus, claiming that it wanted to focus on “larger markets.”

eToro’s recent crypto approval in Cyprus follows a similar regulatory milestone in Spain. In July 2023, the Bank of Spain approved the registration of eToro as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services. Previously, eToro also secured a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers.

Related: Malta begins public consultation on revised crypto rules to align with MiCA

A major social trading and multi-asset investment firm, eToro made headlines in April 2023 by partnering with Elon Musk’s X (formerly Twitter) to help the social media platform launch crypto and stock trading.

The firm also faced some issues in Australia earlier this year, with the Australian Securities and Investments Commission suing eToro over “volatile” trading products in August.

Magazine: Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

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