Bank of Spain Approves EToro Registration

eToro, a social investment, and multi-asset brokerage company based in Israel, is expanding its connections worldwide.
Bank of Spain Approves EToro Registration

The multi-asset investment platform, eToro,  has announced today that on June 29, 2023, the Bank of Spain approved the registration of eToro as a provider of virtual currency exchange services for fiat currency and custody services for electronic wallets.

On Friday, July 29, the company announced that a month ago, on June 29, the Bank of Spain had approved the registration of eToro as “a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services”. 

eToro (Europe) Digital Assets Ltd. is now registered in the Virtual Asset Service Provider Register maintained by the Bank of Spain under code number D848.

Tali Salomon, eToro’s Regional Manager for Iberia and LatAm, said, “This registration is a testament to our commitment to operating a growing business which prioritises consumer protection while also nurturing innovation and ensuring access for individual investors.” 

“As a multi-asset platform which has been a long standing supporter of crypto and blockchain technology, we are proud to have received this registration from the Bank of Spain. We will continue to empower our Spanish users by providing them with access to a diverse range of asset classes, investment tools and educational resources to enable them to grow their knowledge and wealth,” Salomon added.

eToro is a large trading platform that offers both investment and educational opportunities. Founded in 2007, the company now has over 32 million registered users across more than 100 countries.

The eToro platform is like a community where users can share and gain knowledge to grow their wealth. They also offer educational resources for beginners and experienced investors where users can practice investing without real money using a virtual portfolio. 

The Bank of Spain now has a list of 81 firms registered to operate as providers of virtual asset services. Only a month ago, a Singapore-based crypto exchange also secured its registration as a Virtual Asset Service Provider (VASP).

At the end of last year, the Central Bank of Spain announced its plans to launch an experimental program for the country’s wholesale Central bank digital currency (CBDC).

On eToro, users can invest in traditional and new assets, as there are different ways to invest, like direct trading, portfolio investing, or copying other investors.

Over the last year, the crypto trading platform eToro decided to expand in the US market by acquiring the options trading platform Gatsby for a deal worth $50 million.

Earlier this month, eToro stopped offering four crypto assets, Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC), to its US customers.

Also Read: Bank of Spain’s Registry Adds 17 Crypto Companies

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