eToro, the multi-asset investing platform, has announced today (Thursday) the approval of its application for registration under the CySEC CASP (Crypto Asset Service Provider) Register.
eToro's Global Regulatory Standing: A Multinational Approach to Compliance
This approval permits eToro to offer regulated crypto services to all European Union (EU) countries from a single entity, eToro (Europe) Digital Assets Ltd. The regulatory framework enabling this expansion is expected to come into effect in December 2024 with the implementation of the EU's Markets in Crypto-Assets Regulation (MiCA).
eToro is to obtain the relevant authorization from the competent authority, CySEC, before commencing operations under the new regulatory framework.
Dr Hedva Ber, Deputy CEO at eToro, said: “This registration signals that we are 100% ready to embrace a new era for crypto once MiCA comes into effect next year.”
“As a global company regulated in various markets around the world, we are very much looking forward to the increased certainty and security that MiCA will offer to both consumers and reputable businesses in this space.”
“Europe is a hugely important region for eToro, it’s where the majority of our users are based and we want to continue offering to European investors direct access to a wide range of crypto assets as part of a diversified portfolio.”
“This new CySEC registration will make it much easier for us to achieve this in a post-MiCA Europe, allowing us to create a more streamlined and efficient offering for European investors who want to trade with crypto assets.”
eToro has built a global presence, being authorized and supervised by multiple regulatory authorities in various jurisdictions, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Gibraltar Financial Services Commission (GFSC) in Gibraltar, and regulatory bodies in the United States, such as FinCEN and FINRA.
eToro is registered as a digital asset provider with local authorities like The Bank of Spain and the Autorité des marchés financiers (AMF)in France.
Investment Options Galore: Direct Trading, Portfolios, and Replication
eToro's platform empowers users to invest, share knowledge, and learn within a collaborative investment community. Users have access to a diverse range of traditional and innovative assets and can choose from various investment options, including direct trading, portfolio investment, and the ability to replicate other investors' strategies.
eToroalso offers educational resources, including tutorials and articles suitable for both novice and experienced investors. Users can practice investing with no financial risk through a virtual portfolio using virtual funds.
The approval of eToro's registration as a CryptoAsset Service Provider in the EU represents a significant milestone for the platform, as it paves the way for expanding its crypto-related services across the European Union under robust regulatory oversight.
This move aligns with the broader trend of increasing regulation in the cryptocurrency space, aimed at enhancing investor protection and fostering greater adoption of digital assets within the EU.
This article was written by Tareq Sikder at www.financemagnates.com.
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