Cryptocurrency broker eToro is expanding its global crypto services with new European regulatory approval. On September 21, eToro secured a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC). This paves the way for eToro to provide regulated crypto services across the European Union under the entity eToro Europe Digital Assets, once the EU’s Markets in Crypto-Assets Regulation (MiCA) is enforced in December 2024. This expansion is crucial for eToro, given that a majority of its users are based in Europe.

Expanding Crypto Services Across Europe

Etoro
Source: criptoeconomia

The recent CASP registration from CySEC marks a crucial step in eToro’s strategic expansion plan. The company’s deputy CEO, Hedva Ber, expressed the company’s readiness for the forthcoming regulatory changes, stating that the crypto broker is “100% ready to embrace a new era for crypto once MiCA comes into effect next year.” Europe is a pivotal market for eToro, and the company is eager to tap into the region’s growing interest in cryptocurrencies. This regulatory approval aligns with their commitment to providing a secure and compliant platform for its users.

The cryptocurrency broker is not alone in its pursuit of regulatory clarity in the EU. Other major crypto firms, including the Bybit exchange, have also sought CySEC registration to expand their presence within the European market. Interestingly, Binance, a major player in the crypto industry, chose a different path and applied to deregister in Cyprus in June, citing its focus on “larger markets.” This divergence in approach highlights the diverse strategies employed by crypto firms in navigating the evolving regulatory landscape.

Read more: eToro Review 2023: Social Trading, Fees, and Security

eToro’s Global Expansion and Regulatory Milestones

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Source: Forbes

The recent success in Cyprus follows a similar regulatory achievement in Spain earlier in 2023. The Bank of Spain granted eToro registration as a service provider for the exchange of virtual currency for fiat currency and electronic wallet custody services. Furthermore, the cryptocurrency broker had previously secured a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers.

Beyond regulatory achievements, eToro made headlines in April 2023 when it partnered with Elon Musk’s X (formerly Twitter) to assist the social media platform in launching cryptocurrency and stock trading features. However, they also faced challenges in Australia earlier in the year when the Australian Securities and Investments Commission filed a lawsuit against the firm over “volatile” trading products in August.\

Conclusion

eToro’s recent CASP registration in Cyprus positions the company for significant growth in the European Union’s cryptocurrency market. With the impending enforcement of MiCA regulations, the cryptocurrency broker’s commitment to regulatory compliance and expansion into key European markets underscores its determination to offer secure and innovative crypto services. As they continue to make strategic moves worldwide, the crypto community eagerly anticipates its further contributions to the evolving landscape of digital assets and trading platforms.

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