eToro receives Cyprus registration ahead of MiCa rollout

Cyprus granted eToro crypto registration, setting the groundwork for the company to operate crypto services post-MiCa rollout

article-image

leoks/Shutterstock modified by Blockworks

share

eToro received Crypto Asset Service Provider registration from the Cyprus Securities and Exchange Commission on Thursday.

The social trading app, which offers both crypto and traditional stocks, is preparing for the European Union’s Markets in Crypto Assets framework to come into effect.

MiCa passed the EU parliament back in April with overwhelming support for the regulatory framework, which aims to enforce clearer crypto regulation.

The Cyprus registration will allow eToro to offer crypto services throughout the EU on a “cross-border basis from one single entity.” MiCa is expected to come into effect in December 2024.

eToro’s deputy CEO, Hedva Ber, said that the Cyprus registration “signals that we are 100% ready to embrace a new era for crypto once MiCa comes into effect next year.”

Read more: EU Parliament passes MiCA by 13:1 margin

“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 who want to trade with crypto assets,” Ber added. 

Earlier this summer, Binance’s Cyprus unit applied to be removed from the register of crypto asset service providers. At the time, the crypto exchange said that this decision was in line with its efforts to comply with MiCA, emphasizing a focus on “fewer regulated entities in the EU.”

Binance also withdrew its BaFin application “proactively” in July.

BaFin’s Rupert Schaefer has since published a blog post on the crypto markets, praising the MiCa framework and noting that this opens the door for more “technical standards.” 

“As financial regulators, we are sitting in the tower. We must know their characteristics, understand them, know their route and intervene if necessary…Market participants can then also benefit from distributed ledger technology (DLT) in the long term,” he wrote.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

4.png

Research

This months PPGC covered four main areas. Firstly, debriefing the progress and status of the mainnet implementation of the Ahmedabad hard fork. Secondly, a retrospective on the testnet phase of the Ahemdabad Hard Fork. Thirdly, an update on PIP-36 which involves replaying failed state syncs. Lastly, PIP-47 which pushes upgrades to the Polygon Protocol Council.

article-image

Spain-based Banco Bilbao Vizcaya Argentaria has been working in the new Visa Tokenized Asset Platform sandbox

article-image

The retail crowd is engaging with Robinhood both on and off chain, general manager Johann Kerbrat said

article-image

Gurbir Grewal, who has been at the agency almost as long as Gensler has been chair, will depart on Oct. 11, 2024

article-image

The stablecoin’s supply has declined about 50% in the last month, from $660 million to $320 million

article-image

Plus, Sky’s soaring stablecoin and simpler bitcoin staking