Trading Giant eToro Receives Approval to Operate Crypto Services in Cyprus
Popular trading platform eToro has announced that it has received approval from the Cyprus Securities and Exchange Commission (CySEC) to register as a Crypto Asset Service Provider (CASP). This registration will allow eToro to offer regulated services to all European Union (EU) countries on a cross-border basis once the Markets in Crypto-Assets Regulation (MiCA) takes effect in December 2024.
eToro Ready for Harmonized Crypto Rules in Europe
The MiCA framework was introduced by the EU to protect consumers from fraud and manipulation in the digital assets market. Hedva Ber, eToro’s deputy CEO, expressed the company’s readiness for the implementation of harmonized crypto rules in the region. Ber stated that eToro is looking forward to the increased certainty and security that MiCA will bring to both consumers and reputable businesses in the crypto space.
Expansion Plans in Europe
eToro sees this approval as an opportunity for further expansion in Europe, as most of its users are based in the region. The company aims to continue offering European investors direct access to a wide range of crypto assets as part of a diversified portfolio. The CySEC registration will streamline and improve eToro’s offering for European investors who want to trade with crypto assets.
Hot Take: eToro Gains Regulatory Approval for Crypto Services in Cyprus
eToro has obtained regulatory approval from CySEC to operate as a Crypto Asset Service Provider (CASP), allowing it to offer regulated services across all EU countries once MiCA comes into effect. The approval aligns with the EU’s efforts to safeguard consumers against fraud and manipulation in the crypto market. By obtaining this registration, eToro is well-positioned to expand its presence in Europe, where the majority of its user base is located. The company aims to provide European investors with a streamlined and efficient platform for trading crypto assets. This regulatory milestone marks an important step for eToro in its mission to offer secure and compliant crypto services.
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