eToro has successfully applied to the Cyprus Securities and Exchange Commission (CySEC) for registration as a Crypto Asset Service Provider (CASP). This registration will enable eToro to deliver regulated crypto services to all EU countries on a cross-border basis once the EU’s Markets in Crypto-Assets Regulation (MiCA) is implemented.
Dr. Hedva Ber, deputy CEO at eToro, stated, “This registration signals that we are fully prepared to embrace a new era for crypto when MiCA takes effect next year. As a global firm regulated in multiple markets, we are keenly anticipating the enhanced certainty and security that MiCA will provide for both consumers and reputable businesses in the industry.”
Ber further emphasized the importance of Europe to eToro: “It’s where the majority of our users are based, and we aim to continue offering European investors direct access to a diverse range of crypto assets as part of a balanced portfolio. This new CySEC registration will facilitate our efforts in a post-MiCA Europe, enabling us to streamline and enhance our offerings for European investors interested in trading crypto assets.”
eToro is authorized and overseen by various regulatory bodies worldwide, including the FCA in the UK, ASIC in Australia, GFSC in Gibraltar, and FinCen and FINRA in the United States. Additionally, eToro is registered as a digital asset provider with local authorities such as The Bank of Spain and the AMF in France, and it holds a BitLicense in New York state.
This announcement follows ASIC’s recent lawsuit against eToro, alleging that the online investment platform failed to market its contract for differences product honestly and fairly, resulting in 77% of retail clients experiencing losses.