eToro Gains CySEC Approval
Setting the Stage for Etoro to Offer Streamlined Crypto Services Throughout the EU
Popular social trading platform, eToro, has been granted the Crypto Asset Service Provider registration by the Cyprus Securities and Exchange Commission (CySEC). This approval sets the stage for eToro to offer streamlined cryptocurrency services throughout the European Union.
As eToro continues to expand its global reach, the Cyprus registration represents a significant milestone. The company is positioning itself ahead of the forthcoming European Union's Markets in Crypto Assets (MiCA) framework, which received significant backing from the EU parliament in April. This new regulatory framework is set to come into effect in December 2024.
eToro's Deputy CEO, Dr. Hedva Ber, expressed the firm's readiness in embracing the imminent regulatory changes. “The recent CySEC registration underscores our commitment and readiness for the new era of crypto that will emerge with MiCA," said Ber. "This paves the way for us to present a more efficient and streamlined offering to European investors keen on trading crypto assets.”
eToro is no newcomer to regulatory compliance. With existing authorizations from regulatory bodies in several countries, including the UK, Australia, and the United States, the company has established a robust framework adhering to local guidelines in countries such as Spain and France.
While eToro is gearing up for MiCA's implementation, other industry players have made contrasting moves. Notably, earlier in the summer, Binance's Cyprus division sought removal from the crypto asset service providers register. This decision, as explained by Binance, was an attempt to align with MiCA by focusing on fewer regulated entities within the EU. This move was coupled with Binance's proactive withdrawal of its application to BaFin in July.