eToro Officially Registered as a Virtual Asset Exchange
eToro, the Israel-based social trading and investment firm, has achieved a significant milestone. The Bank of Spain officially registered the firm as a virtual asset exchange and electronic wallet custody services provider in the country. The company announced today that the registration was secured approximately a month ago.
Expanding eToro’s Presence in Europe
The registration granted to eToro (Europe) Digital Assets Limited empowers the company to offer fiat-to-crypto exchange services within Spain. This move further strengthens eToro’s presence in the European market. Hence, this opens up new opportunities for cryptocurrency enthusiasts in the country.
Tali Salomon, eToro’s Regional Manager for Iberia and Latin America, expressed her enthusiasm regarding the registration. She underscored the company’s commitment to providing Spanish users with access to a diverse range of asset classes, investment tools, and educational resources. Salomon emphasized the importance of consumer protection, innovation, and fostering access for individual investors in their growing business.
Strategic Sports Sponsorships and Partnerships
eToro’s successful registration in Spain follows a series of strategic efforts to expand its brand through sports sponsorships. Recently, the company achieved its first foray into the world of basketball by becoming the official sponsor of Baskonia, a prominent Spanish basketball club. The sponsorship agreement extends over the club’s next two seasons, concluding in 2025.
Moreover, eToro has been active in striking deals in the realm of football. The company struck several sponsorship agreements in the United Kingdom, the Czech Republic, and the Netherlands. Additionally, they established a partnership with Premiership Rugby, an English professional rugby union league. Therefore reinforcing their commitment to diverse sports sponsorships.
eToro Setbacks in Italy
Despite these recent successes, eToro encountered a setback in Italy when the competition watchdog, the Italian Competition Authority (AGCM), imposed a fine of €1.3 million on eToro Europe. The AGCM claimed that the subsidiary firm had provided misleading information about its services, specifically violating articles of the customer code by not fully disclosing the monetary terms and technical aspects of its products and services to users.
eToro responded by stating that they firmly believe in consumer protection and providing exhaustive information to their users. The company’s spokesperson said that they were carefully reviewing the AGCM’s decision, highlighting their ongoing commitment to compliance and transparency.
eToro’s Future Prospects
As eToro continues to expand its services and global footprint, the recent registration in Spain serves as a crucial stepping stone towards enhancing its presence in the cryptocurrency market and catering to the growing demand for digital asset trading and investment services in the region.
