eToro Receives Approval to Offer Crypto-Related Services in EU Under CySEC CASP Register
eToro will be in a position to offer cross-border crypto services after the EU’s Markets in Crypto Assets (MiCA) regulatory framework goes into effect in December 2024.
An investing platform with over 32 million registered users, eToro, has announced that it is ready to offer crypto-related services in the European Union (EU) after its application for registration under the Crypto Asset Service Provider (CySEC CASP) was approved. The company, however, announced that its Europe entity will be in a position to provide crypto-related services after the Markets in Crypto Assets (MiCA) regulatory framework goes into effect during the fourth quarter of 2024.
eToro in the EU
As a result, the multi-asset investing platform is now regulated in several jurisdictions including the United Kingdom through the FCA, in Australia via the ASIC, and the United States through the FinCen and FINRA. Amid the mainstream adoption of digital assets, eToro is keen to proceed through a regulated channel in a bid to ensure a sustainable future growth outlook.
According to Hedva Ber, the Deputy CEO at eToro, the expansion to crypto assets in Europe is a strategic move to onboard more users amid the mainstream adoption of blockchain technology. Moreover, most of the eToro users are based in Europe and the new CySEC approval will set a much-needed precedence amid increased competition in the industry.
“This registration signals that we are 100 percent 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,” Ber noted.
Worth noting that eToro is already a registered digital asset service provider in France through the Bank of Spain and the AMF.
eToro and the Market Outlook
Since its inception back in 2007, eToro has grown into a multinational brand with users coming from more than 100 countries. The expansion into the crypto asset industry is expected to further open up the eToro ecosystem to more markets, with most countries already drafting friendly digital assets regulatory frameworks. The company has distinctive product features like copy trading with zero commission on stocks, which allows investors to replicate the moves made by top traders with high winning streaks.
In the crypto industry, eToro also provides staking services to users from two blockchains including Cardano (ADA), and Tron (TRX).
The company continues to tap into emerging technologies including artificial intelligence (AI) to help stand out from other competitors. Early this month, eToro announced a strategic partnership with Bridgewise, a generative AI company that specializes in stock analysis to launch a feature dubbed Fundamental-AI that offers users exposure to companies that are set to outperform their industry peers.
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