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eToro Gains Crypto Asset Service Provider Registration from Cyprus' CySEC, Paving the Way for EU Expansion

Cyprus' CySEC grants eToro a CASP registration, enabling it to offer crypto services in the EU pending MiCA's 2024 enforcement.

Sun, 24 Sep 2023, 03:07 am UTC

Cyprus' financial watchdog, the Cyprus Securities and Exchange Commission (CySEC), recently granted eToro, a well-known cryptocurrency brokerage, a Crypto Asset Service Provider (CASP) registration. The firm shared the news on September 21, emphasizing the strategic importance of this certification.

With this new registration, eToro can now provide regulated crypto services to European Union nations under the eToro Europe Digital Assets umbrella. The green light for these operations will be switched on once the EU starts enforcing the Markets in Crypto-Assets Regulation (MiCA) in December 2024.

Hedva Ber, the deputy CEO of eToro, expressed the company's readiness for the changing cryptocurrency landscape in the EU, especially when MiCA is rolled out next year. She emphasized that a significant portion of eToro's clientele is from Europe, underscoring the region's significance to the firm.

It's worth noting that eToro isn't the only player aiming to expand its footprint in the European Union. Bybit exchange, for example, has been actively broadening its operations after getting the CySEC certification. Conversely, Binance decided to pull back its operations from Cyprus earlier in June, citing a strategy to concentrate on more substantial market areas.

July 2023 saw eToro achieving a similar regulatory approval in Spain when the country's central bank permitted the firm to exchange virtual for fiat currency and provide electronic wallet custody services. Earlier, the French finance authority, the Autorité des Marchés Financiers, recognized eToro as a digital asset service provider.

In other notable developments, eToro collaborated with Elon Musk’s venture X (previously known as Twitter) in April 2023. This partnership aimed at introducing cryptocurrency and stock trading on the popular social media platform.

However, the road hasn't always been smooth for eToro. In a recent development, the Australian Securities and Investments Commission took legal action against the firm in August. The regulatory body raised concerns over the company offering "volatile" trading products to its users.

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