Spain Registers eToro as Crypto Exchange, Custody Services Provider

<p>The Bank of
Spain has registered eToro as a virtual asset exchange and electronic wallet
custody services provider in the country. The Israel-based social trading and
investment firm <a href="https://www.etoro.com/news-and-analysis/press-releases/etoro-receives-virtual-asset-registration-from-bank-of-spain/" target="_blank" rel="follow">announced</a> the development today (Friday),
noting that it secured the registration about a month ago.</p><p>eToro Secures Spanish Registration</p><p>eToro said
the registration, which was granted to eToro
(Europe) Digital Assets Limited, will enable the company to provide fiat-to-crypto exchange services in Spain. Commenting, Tali
Salomon, eToro’s Regional Manager for Iberia and Latin America, reiterated the global multi-asset trading company’s commitment to providing its Spanish users with
access to a wide range of asset classes, investment tools and educational
resources. </p><p>“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,” Salomon stated.</p><p>eToro Makes Sports Investment in Spain</p><p>eToro’s new
registration follows the trading platform provider’s <a href="https://www.financemagnates.com/forex/etoro-launches-new-cfds-for-extended-hours-stock-trading/" target="_blank" rel="follow">efforts in recent
months</a> to further
grow its brand through several sports sponsorships. Late last month, the online broker
marked its first entry into the world of basketball by becoming <a href="https://www.financemagnates.com/forex/etoro-seals-first-basketball-sponsorship-with-spanish-club-baskonia/" target="_blank" rel="follow">the new official
sponsor of Baskonia</a>, a Spanish basketball club. The deal covers the club’s
next two seasons which will end in 2025, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported. </p><p>Outside of
Spain, eToro this year also inked several football sponsorship deals in <a href="https://www.financemagnates.com/forex/etoro-enters-the-world-of-womens-football-ahead-of-the-world-cup-2023/" target="_blank" rel="follow">the United Kingdom</a>, <a href="https://www.financemagnates.com/forex/etoro-extends-deal-with-czechs-oldest-football-club-sk-slavia-prague/" target="_blank" rel="follow">Czech Republic</a> and <a href="https://www.financemagnates.com/forex/etoro-secures-2-year-deal-with-dutch-football-club-az-alkmaar/" target="_blank" rel="follow">the Netherlands</a>. In addition, the broker <a href="https://www.financemagnates.com/forex/etoro-inks-deal-with-premiership-rugby-for-next-season/" target="_blank" rel="follow">signed a partnership
deal</a> with
Premiership Rugby, an
English professional rugby union league. </p><p>eToro Fined
€1.3M in Italy</p><p>Meanwhile, Italy’s competitions watchdog earlier this month <a href="https://www.financemagnates.com/institutional-forex/italys-antitrust-authority-agcm-fines-etoro-13-million-euros/" target="_blank" rel="follow">slammed a fine of €1.3
million</a> on eToro
Europe, claiming that the subsidiary firm provided misleading information
about its services. Specifically, the Italian Competition Authority (AGCM) alleged
that the online broker violated articles of the customer code by not disclosing
to users the monetary terms and the technical aspects of its products and
services.</p><p>However, a
spokesperson for eToro told <a href="https://financemagnates.com" target="_blank" rel="follow">Finance Magnates</a> email that the brokerage firm
was reviewing the decision by the AGCM. "We firmly believe in the
importance of consumer protection and providing consumers with exhaustive
information,” the spokesperson said.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.