Trading platform eToro says financial watchdog Cyprus Securities and Exchange Commission (CySEC) just gave the approval to its application to register as a Crypto Asset Service Provider (CASP).
In a statement, eToro says the registration will enable it to offer regulated services to all European Union (EU) countries on a cross-border basis once the Markets in Crypto-Assets Regulation (MiCA) takes effect in December 2024.
The MiCA is the EU’s regulatory framework for crypto introduced to protect the public from fraud and manipulation in the digital assets market. eToro’s deputy CEO Hedva Ber says the company is now ready for the implementation of the harmonized crypto rules for the region.
“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.”
The development is anticipated to drive eToro’s further expansion in Europe. Ber says the region is important for the investment platform because most of its users are based there.
“We want to continue offering 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.”