eToro is now an approved Crypto Asset Service Provider in Europe, having received the green light from the Cyprus Securities and Exchange Commission. This approval comes ahead of the upcoming Markets in Crypto-Assets Regulation set to debut in December 2024.
With MiCA-approved registration, eToro can expand its cross-border crypto asset services across the EU as part of its diversified portfolio.
The Cyprus Securities and Exchange Commission (CySEC) has given the green light to eToro, a crypto-friendly trading and investment platform, allowing it to become a Crypto Asset Service Provider (CASP) in Europe.
This approval is a significant step for eToro, enabling it to offer regulated crypto services throughout the European Union (EU).
It comes ahead of the introduction of the Markets in Crypto-Assets Regulation (MiCA) in December 2024, which will establish clear rules for the crypto industry.
eToro announced on September 21 that this MiCA-approved registration will allow the company to provide various crypto services across EU borders.
These services will be operated by a single entity, eToro (Europe) Digital Assets Ltd, as part of its diverse portfolio. This move is vital for eToro, especially as it focuses on the European market, where most of its customers are located.
MiCA will streamline the process for granting permits to companies dealing with Web3 and digital assets across all 27 EU countries. This means that once a service provider obtains a valid license in one member country, they can operate across the entire EU market.
eToro’s Deputy CEO Excited About MiCA and Regulatory Approvals
Dr. Hedva Ber, eToro’s Deputy CEO, is thrilled about the registration approval and the upcoming MiCA regulations. He sees this as a new era for crypto and believes MiCA will bring more confidence and safety to both consumers and reputable crypto businesses.
eToro has also received regulatory approvals in Spain, where the Bank of Spain allowed the company to offer services like virtual currency exchange and electronic wallet custody. Additionally, eToro has gained approval from regulatory bodies in other countries, including the UK’s FCA, Australia’s ASIC, and Gibraltar’s GFSC.
It’s important to note that the full implications and operational details of the MiCA regulations will become clearer once they are implemented in December 2024. These regulations are expected to bring greater transparency and security to the rapidly growing digital assets market with a unified approach to crypto regulation.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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