eToro Gains Approval to Offer Crypto Trading in Europe
eToro positions itself ahead of new EU crypto rules.
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eToro has received approval from the Cyprus Securities and Exchange Commission (CySEC) to operate as a registered Crypto Asset Service Provider (CASP), the company announced today.
The registration will position eToro to offer crypto services across the European Union once the EU’s Markets in Crypto-Assets (MiCA) regulation goes into effect in late 2024. Under MiCA, crypto companies will need to register with national regulators in order to serve EU customers.
Crypto regulation remains fragmented across Europe, but MiCA aims to harmonize rules when it goes into effect in 2024.
“This registration signals that we are 100% ready to embrace a new era for crypto once MiCA comes into effect next year,” said Dr. Hedva Ber, deputy CEO of eToro.
eToro, which is headquartered in Israel but operates globally, offers a platform for retail trading in stocks, ETFs, and crypto. The company says it has over 30 million users in more than 140 countries.
“Europe is a hugely important region for eToro, it’s where the majority of our users are based and we want to continue offering European investors direct access to a wide range of crypto assets,” said Ber.
The company is already regulated in multiple jurisdictions including the U.K., Australia, Gibraltar, and the US.