Crypto regulatory news: eToro‘s application for registration with the CySEC CASP (Crypto Asset Service Provider) registry has been approved. This will allow eToro to provide regulated crypto services in all European Union countries from a single entity once the MiCA goes into effect. See below for all the details.
Summary
eToro: approval for crypto services ahead of MiCA regulation coming into force
As anticipated, trading and investment platform eToro today announced the approval of its application for registration with the CySEC CASP (Crypto Asset Service Provider) registry.
This registration will enable eToro to provide regulated crypto services to all European Union countries on a cross-border basis, through the entity called eToro (Europe) Digital Assets Ltd, once the EU Cryptocurrency Markets Regulation (MiCA) comes into force in December 2024, as planned.
Dr. Hedva Ber, deputy CEO of eToro, said the following on the matter:
“This registration signals that we are 100% ready to embrace a new era for crypto once MiCA comes into effect next year. As a global company regulated in various markets around the world, we are very much looking forward to the increased certainty and security that MiCA will offer to both consumers and reputable businesses in this space.”
He went on to say:
“Europe is a hugely important region for eToro, it’s where the majority of our users are based and we want to continue offering to European investors direct access to a wide range of crypto assets as part of a diversified portfolio. 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.”
As a reminder, eToro operates under the authorization and supervision of several regulatory authorities in various global jurisdictions. These authorities include the FCA (UK), ASIC (Australia), CySEC (Cyprus), GFSC (Gibraltar), FinCen and FINRA (US).
In addition, eToro is registered as a digital asset provider with several local authorities, including the Bank of Spain and the AMF (France).
eToro CEO predicts Bitcoin’s rise toward $100,000 by 2025
Yoni Assia, CEO of eToro, recently shared his optimistic outlook on the growth of Bitcoin (BTC) despite the recent price drop. Indeed, in an interview with cryptocurrency trader Scott Melker, Assia suggests that BTC is likely to start gaining bullish momentum later this year.Â
Specifically, according to the eToro executive, Bitcoin is likely to reach a new all-time high by the end of 2024. Hesse analyzes Bitcoin’s half-life cycles and points out that the current cycle should be no different from previous years.
Typically, a year after halving, Bitcoin witnesses sharp price spikes. The eToro CEO says that, in theory, the upward rush should occur in 2025, following the trend observed in 2021, 2017, and 2013.
Hesse concludes with an optimistic expectation, suggesting that by the end of 2025 Bitcoin could reach at least $100,000. Recall that Bitcoin’s halving of rewards for BTC miners is scheduled for April 2024.
Malta conducts public consultation on crypto regulations ahead of MiCA
Malta, as we know, is one of the countries enthusiastic toward crypto, having established the Virtual Financial Assets Act (VFAA) and opening up wide opportunities for digital assets. In addition, it is among the few countries that have made Bitcoin and other cryptocurrencies legal.
Currently, Malta is preparing for a new nationwide initiative in this field, with a view to implementing the Europe-wide Markets in Crypto Assets (MiCA) by December 2024.
Prior to the introduction of MiCA, several European nations, including Malta, already had a number of regulations in place. In response to the new directives, these nations are now reviewing and adapting their regulatory structures.
To that end, Malta is conducting a public consultation until 29 September. As the name suggests, the government is seeking advice and suggestions from the public, considering that it is the citizens who will be primarily affected by these regulations.
However, some sources have already released information about the planned changes. These revisions are expected to mainly affect wallet management, cryptocurrency custody, and exchange functions.
The new rules will override internal capital adequacy requirements and risk management procedures. Since the formation of the European Union, much of the regulation has been uniform among nations.
However, there is room for some exceptions based on the specific needs of each country. Despite this, the main goal is to maintain harmonization among all European countries.
Also, it is important to note that Malta has two options for implementing the new MiCA laws. In fact, it can wait 18 months before these laws become operational, replacing its rules with MiCA rules.
Or, it can make changes to its current regulations in order to align with MiCA regulations. Malta has chosen the second option, as it appears to be more favorable to its citizens.
