The Cyprus Securities and Exchange Commission (CySEC) has approved crypto-friendly trading and investment platform eToro to register as a Crypto Asset Service Provider (CASP) in Europe. This approval marks a significant step for eToro, positioning it to offer regulated crypto services across the European Union (EU). The development comes ahead of establishing the region’s Markets in Crypto-Assets Regulation (MiCA) in December 2024, laying down a clear regulatory framework.
eToro, in a press release dated September 21, disclosed that the MiCA-approved registration will empower the firm to provide various cross-border crypto asset services. These services will be part of a diversified portfolio across the EU, operated by a single entity, eToro (Europe) Digital Assets Ltd. This move is pivotal for eToro, as it allows the company to consolidate its presence in the European market, where most of its customers are located.
The MiCA regulatory regime will unify the authorization system across all 27 EU countries for granting Web3 and digital assets permits to companies. Consequently, after obtaining a valid license in one member country, a service provider can operate throughout the block’s market.
Dr. Hedva Ber, eToro’s Deputy CEO, praised the registration approval. He emphasized that the company is fully prepared to embrace the new era for crypto that will unfold once MiCA is enacted next year. “This registration signals our readiness to embrace the new era for crypto. We are looking forward to the increased certainty and security that MiCA will offer consumers and reputable businesses in this space,” Ber remarked.
Moreover, the CASP crypto registration approval in Cyprus is another regulatory achievement for eToro, following a similar milestone in Spain. The Bank of Spain has also green-lighted the company to offer virtual currency for fiat currency exchange and electronic wallet custody services.
Additionally, eToro has received approvals from other regulatory bodies across different jurisdictions. These include the U.K.’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Gibraltar Financial Services Commission (GFSC).
However, it is crucial to note that the MiCA regulations are still pending, and the full implications and operational details will become evident only after their implementation in December 2024. The unified approach to crypto regulation is expected to bring about more transparency and security in the rapidly growing digital assets market.
Source: https://www.cryptopolitan.com/cysec-approves-etoros-casp-registration/