Trading platform eToro says the financial watchdog Cyprus Securities and Exchange Commission (CySEC) has just approved its application to register as a Crypto Asset Service Provider (CASP).
In a rackeToro 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) comes into effect in December 2024.
The MiCA is the EU cryptocurrency regulatory framework introduced to protect the public from fraud and manipulation in the digital asset market. eToro’s deputy CEO Hedva Ber says the company is now ready to implement the harmonized crypto rules for the region.
“As a global company regulated in several markets around the world, we very much look forward to the greater assurance and security that MiCA will provide in this area to both consumers and reputable companies.”
The development is expected to fuel eToro’s further expansion in Europe. Ber says the region is important for the investment platform because most users are located 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 looking to trade with crypto assets.”
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