Social trading and multi-asset investment firm eToro is expanding its services to the European market after securing a cryptocurrency registration in Cyprus.

The crypto asset service provider registration, which was approved by the Cyprus Securities and Exchange Commission (CySEC), will enable eToro to offer regulated crypto services to all European Union countries on a “cross-border basis” from eToro Europe Digital Assets, the firm’s Sept. 21 announcement said.

The approved registration will come into effect upon the enforcement of the EU’s Markets in Crypto-Assets Regulation (MiCA) in December 2024.

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

MiCA institutes uniform EU market rules for cryptocurrencies and covers assets that are not regulated by existing financial services legislation. According to the website of the European Securities and Markets Authority (ESMA), the legal framework looks to support market integrity and financial stability by regulating public offers of crypto assets and informing consumers of their associated risks.

The executive pointed out that Europe is “hugely important” for eToro as the majority of its users are based in the region. She noted that their latest registration will make it easier for them to offer European investors access to a wide range of crypto assets post-MiCA.

In June, cryptocurrency exchange Bybit secured a similar approval from the CySEC to offer exchange and custody services in Cyprus. In the same month, Binance applied to deregister in the jurisdiction while they await MiCA’s official implementation.

eToro’s latest registration comes on the heels of its July approval from the Bank of Spain. The regulatory milestone authorizes the platform to become a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services. The firm also registered with France’s Autorité des Marchés Financiers in June last year.

However, eToro’s regulatory journey was not without hurdles. In August, the Australian Securities and Investments Commission sued eToro for allegedly violating its design and distribution obligations.