EToro, a cryptocurrency-friendly brokerage firm, has taken another step in its global expansion of crypto services. They have just received a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC). This registration will allow eToro Europe Digital Assets to offer regulated crypto services to all countries in the European Union. eToro Deputy CEO Hedva Ber affirmed that they are “100% ready to embrace a new era for crypto once MiCA comes into effect next year.” Europe is an important region for eToro, as the majority of their users are based there.
Other major firms, such as Bybit exchange, have also been expanding their presence in the EU by obtaining a CySEC registration. Binance, however, decided to deregister in Cyprus in June, focusing on “larger markets.” In July 2023, eToro’s registration was approved by the Bank of Spain, allowing them to provide exchange of virtual currency for fiat currency and electronic wallet custody services. They also received a digital asset service provider registration from the French financial regulator, the Autorité des Marchés Financiers.
In April 2023, the firm partnered with Elon Musk’s X to launch crypto and stock trading. However, they faced issues in Australia earlier this year, with the Australian Securities and Investments Commission suing eToro over “volatile” trading products in August. As the crypto regulation in Europe is still in the process of being finalized, SEC Chair Gary Gensler’s opinion on the matter could be defining.
