eToro received approval as a Virtual Asset Service Provider (VASP) for fiat currency and e-wallet storage services approved by the Central Bank of Spain.
eToro recently announced that the Central Bank of Spain approved the registration of the Israeli broker as a Virtual Asset Service Provider (VASP) for fiat currency and e-wallet depository services, with code number D848 on June 29, 2023.
eToro is a multi-asset investment platform where users can grow their knowledge and wealth by trading and investing. This FCA-licensed broker offers a virtual portfolio that allows users to learn through hands-on learning and invest with risk-free virtual money.
eToro Regional Manager in Iberia and Latin America, Tali Salomon, commented, "We are proud to have received this registration from Banco de España to support cryptocurrency and blockchain technology. We will continue to empower Spanish users by providing access to various asset classes, investment tools, and educational resources to help them expand their knowledge and wealth.
Furthermore, the new license comes as Madrid seeks to police cryptocurrency activities by introducing new regulations, including strict KYC rules in digital currency transactions. Although Spain does not consider cryptocurrencies as legal tender, it remains open about the presence of digital asset platforms in the country.
This is not the first time eToro has obtained a VASP license. In June 2022, eToro received VASP approval from French financial market regulator Autorité Des Marchés Financiers, then got a similar registration to operate a cryptocurrency business in Italy a month later. Receiving VASP registration underscores proof of commitment to running a business and encourages innovation that puts trader protection first.