eToro’s MiCA License: The Crypto Party Just Got Official! 🎉

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In a most delightful turn of events, eToro has been bestowed with the coveted regulatory approval under the illustrious European Union’s Markets in Crypto-Assets framework. One can almost hear the trumpets blaring in celebration! 🎺

This esteemed approval permits the company to extend its crypto services across the vast expanse of all 30 European Economic Area countries. The license, granted by none other than the Cyprus Securities and Exchange Commission, is akin to receiving a golden ticket to the grandest of crypto soirées.

Now, eToro can frolic freely under Europe’s unified crypto regulatory system. However, like a well-mannered guest, the company must inform each member state before it can offer its services in that particular jurisdiction. One mustn’t overstay one’s welcome, after all! 😏

Avi Sela, eToro’s Chief Operating Officer for Regulation, welcomed the introduction of MiCA with open arms, much like a long-lost friend. He emphasized its noble role in enhancing consumer protection and market transparency, as if to say, “Fear not, dear consumers, for we are here to safeguard your interests!”

“We believe that the regulatory clarity and uniform market rules provided by MiCA will foster greater crypto adoption across Europe while ensuring consumers are fully aware of any associated risks,” Sela proclaimed, perhaps with a hint of dramatic flair. 🎭

With a staggering 38 million registered users, eToro first dipped its toes into the Bitcoin waters back in 2013 and now boasts a veritable cornucopia of over 100 cryptoassets. The company also operates under the Markets in Financial Instruments Directive, ensuring that it is not just a wild party but a well-regulated one at that.

This approval follows eToro’s recent achievement of SOC 2 Type II Compliance Certification, a badge of honor that affirms its security and operational standards in the realm of crypto asset custody. Bravo! 👏

The MiCA framework, which took full effect in December, requires firms to obtain a Crypto Asset Service Provider license. It establishes a standardized regulatory environment across the EU, Iceland, Liechtenstein, and Norway, as if to say, “Let us all play by the same rules, shall we?”

With this newfound authorization, eToro joins the ranks of other illustrious exchanges such as Bitpanda, OKX, and Crypto.com, all of whom have secured a MiCA license. It seems the crypto world is indeed a small, albeit lively, place! 🎊

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2025-02-19 20:03