eToro Registration Is Approved by Bank of Spain

Investment platform eToro has officially achieved its registration as a provider for crypto-fiat exchange and other e-wallet custody services.

eToro, a social investment and multi-asset brokerage company based in Israel, is expanding its connections worldwide. 

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, commented on the news: “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.”

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. One of eToro’s key features is its collaborative investment community that provides tools for growing users’ knowledge and wealth. The platform’s educational tools include tutorials and articles for traders of all levels, as well as a virtual portfolio.

Both traditional and digital assets are available on eToro. The platform also offers different ways for investment: direct trade, investing in a portfolio, and copy trading. You can read more about eToro copy trading features compared to that of Bybit in this article.

Last month, eToro delisted four cryptocurrencies on its platform for the US customers.

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 Crypto.com also secured its registration as a Virtual Asset Service Provider (VASP). Other crypto platforms that have obtained the license of VASP in Spain include Binance and Bit2Me. 

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).

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.