eToro Receives MiCA License from CySEC for EU Crypto Services
eToro's Europe-based subsidiary has obtained a license from the Cyprus Securities and Exchange Commission (CySEC) under the Markets in Crypto Assets Regulation (MiCA). This enables eToro to offer crypto services across all European Union countries under a unified regulatory framework.
Key Developments
- eToro is one of the first firms to receive MiCA authorization, enhancing its position in regulated EU crypto trading.
- The company must notify each EU member state before offering services while complying with MiFID regulations.
- eToro achieved SOC 2 Type II Compliance Certification for crypto asset management.
- Grant Thornton awarded eToro the highest rating for excellence in handling crypto assets.
- eToro aims to provide European investors with secure access to digital assets.
- Avi Sela, COO of eToro, emphasized that MiCA will promote crypto adoption by establishing consistent rules.
- Concerns exist within the industry about MiCA's impact on stablecoins, as noted by Tether's CEO.
- Top exchanges, including Binance, are adapting operations to comply with MiCA regulations.
Market Position
eToro has over 38 million registered users globally, with Europe as its largest market. It has received approvals in Germany and the UAE to enhance its crypto services.
Future Plans
eToro has been active in the crypto space since 2013, now offering over 100 crypto assets along with stocks, ETFs, and other investment options. The company is planning to go public in 2025, with a potential IPO valuing it at over $5 billion.