Bank of Spain authorises eToro as a virtual currency exchange service provider

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Multi-asset investing platform eToro (Europe) Digital Assets Ltd. announced on Friday, July 28, that it has received approval from the Bank of Spain to be registered as a service provider for the exchange of virtual currency for fiat currency and electronic wallet custody services.

eToro is now registered with the Bank of Spain as a Virtual Asset Service Provider under code number D848 after its registration on June 29.

“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,” says Tali Salomon, eToro’s Regional Manager for Iberia and LatAm.

The approval from the Bank of Spain further strengthens eToro’s position as a leading investing platform, empowering users to invest, share, and learn in the financial markets.

“As a multi-asset platform that 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 adds.

The Bank of Spain has registered 81 firms to offer virtual asset services so far. In addition, the Central Bank of Spain also announced last year its intention to launch an experimental programme for the country’s wholesale Central bank digital currency (CBDC).

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Just last month, Crypto.com, a Singapore-based crypto exchange, obtained its registration as a Virtual Asset Service Provider (VASP). 

eToro’s latest moves

Founded in 2007, eToro’s vision is to create a world where everyone can trade and invest in a simple and transparent way.

As a multi-asset investing platform with over 32 million registered users from more than 100 countries, eToro empowers users to invest, share, and learn through a collaborative investment community. 

The platform offers a collaborative investment community where users can grow their knowledge and wealth together. Users have the flexibility to hold traditional and innovative assets and can choose from various investment methods, including direct trading, portfolio investments, and copying other investors. 

With a range of traditional and innovative assets available, eToro investors can trade directly, invest in portfolios, or copy other successful investors. Additionally, eToro offers a wide range of educational resources and a virtual portfolio for risk-free learning with virtual money. 

eToro also recently introduced a passive investor portfolio exclusively comprising shares in 40 leading fintech companies, chosen by its investment experts based on market capitalisation, liquidity parameters, and analyst ratings. 

The diversified portfolio includes established players like Block, Lemonade, Adyen, and Xero, along with emerging ones like Stone, Nexi, and SoFi. Users can start investing with a minimum of $500 and monitor performance using eToro’s tools and charts while staying updated on fintech developments through the platform’s social feed.

In the past year, eToro has expanded in the US through a $50M acquisition of options trading platform Gatsby. However, recently, eToro discontinued offering four crypto assets – Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) – to its US customers.

According to Decrypt, eToro made this decision in response to regulatory concerns raised by the US SEC and following similar steps taken by other major exchanges. The change also reflects the impact of the SEC’s lawsuits against Coinbase and Binance, which classified these altcoins as securities.

Currently, eToro offers a total of 24 digital assets on its crypto platform for US users, but these four altcoins will no longer be available for new purchases.

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The editorial team of Silicon Canals brings you technology news from the European startup ecosystem. 

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