eToro secures MiCA permit from CySEC to strengthen EU market presence
Social investing platform eToro, through its EU subsidiary eToro (Europe) Ltd, has been granted a permit by the Cyprus Securities and Exchange Commission (CySEC) enabling the company to provide crypto services across the EU under the Markets in Cryptoassets (MiCA) regulation.
eToro granted MiCA permit by CySEC
The EU’s MiCA regulation was first approved by the European Parliament in 2023 and has since been rolled out in phases, with its final phase coming into effect at the end of 2024.
The regulation requires crypto firms to register in one of the EU’s member states before allowing them to operate across the bloc.
eToro’s permit enables the company to provide its crypto services across the EU – its largest global market – upon submitting notifications to individual member states.
Founded in 2007, eToro operates a multi-asset investment platform with over 38 million registered users across 75 countries, enabling users to trade over 100 cryptoassets, stocks, ETFs, commodities, currencies and thematic Smart Portfolios.
With its new permit to provide multi-asset investment services under MiCA and MiFID (Markets in Financial Instruments Directive) in the EU, the firm states that users in the region will benefit from a “safer and more reliable trading environment” driven by “greater investor protection, enhanced transparency, and regulatory oversight”.
The permit follows eToro’s recent filing for an initial public offering (IPO) in the US, which could potentially value the company at $5 billion.
