Central Israel-based trading and investment platform, eToro has secured regulatory approval in Cyprus. The platform disclosed the development today via an official blog post. With the regulatory approval, eToro has become a Crypto Asset Service Provider (CASP) in Cyprus.
Meanwhile, in the blog post, there are indications that the focus extends beyond the Southeast European country. According to emerging pointers, eToro intends to leverage the regulatory license and spread its market dominance across Europe. Confirming this assertion, the investment company announced that it will offer “regulated crypto services to all EU countries with the support of the license.
However, such an effort will be on a cross-border basis through the European organ of the firm. Similarly, eToro established that the focus will manifest by December 2024. This period, according to the outlet, will be when the European Union’s Markets in Crypto-Assets Regulation (MiCA) comes into play.
Lately, countries under the European Union have emerged as potential markets for crypto service providers. This is in recognition of how the intergovernmental union has attempted to regulate the industry with the adoption of MiCA. Like the Middle East, crypto companies are flooding into EU countries to find an abode as the United States of America has continued to battle with the introduction of a regulatory framework for the industry.
How eToro has grown in the EU market
Before gaining regulatory approval in Cyprus, eToro has ventured into a handful of crypto markets in Europe. The investment platform is duly recognized by local regulators in Spain and France. Also, the firm is authorized and supervised by regulators in Gibraltar. Furthermore, the platform is regulated in other countries like the UK, USA, and Australia.
The recent approval for an operational license in Cyprus will further enhance the reputation of the platform. Likewise, the Deputy CEO of eToro, Dr Hedva Ber has reacted to the development. The top executive submitted that the registration indicates that the firm is fully ready to usher in a new era for crypto once the MiCA comes into effect.
Dr Hedva Ber added that eToro is anticipating the increased certainty and security the MiCA will offer. The reputable personality added that both consumers and businesses stand a chance under the yet-to-be-implemented regulation. Lastly, she disclosed that the regulatory approval will support the platform in designing more innovative services for its European users.