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eToro has announced its application to the Cyprus Securities and Exchange Commission (CySEC) Crypto Asset Service Provider (CASP) register has been successful.
This registration will allow eToro to offer regulated crypto services to all EU countries on a cross-border basis from one single entity, once the EU’s Markets in Crypto-Assets Regulation (MiCA) comes into effect.
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 is authorised and supervised by a number of regulatory authorities in multiple jurisdictions around the world including the FCA (UK), ASIC (Australia), GFSC (Gibraltar), FinCen and FINRA (United States). eToro is also registered as a digital asset provider with various local authorities including The Bank of Spain, the AMF (France), and BitLicense in New York state.
This move comes after ASIC announced it was suing the online investment platform eToro over an alleged failure to act honestly and fairly in the marketing of its contract for differences product, leaving 77% of retail clients out-of-pocket.
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