eToro has recently made an exciting announcement regarding its regulatory status in Spain. The Central Bank of Spain has approved for the Israeli broker to operate as a Virtual Asset Service Provider (VASP). This approval covers services related to fiat currency and e-wallet depository services, with a designated code number, D848, effective as of June 29, 2023.

eToro is a versatile investment platform that empowers users to expand their knowledge and wealth through trading and investing activities. As a broker licensed by the Financial Conduct Authority (FCA), eToro offers a unique virtual portfolio feature, enabling users to gain practical experience and invest with risk-free virtual funds.

Tali Salomon, eToro's Regional Manager for Iberia and Latin America, expressed pride in receiving this registration from Banco de España, emphasizing their commitment to supporting cryptocurrency and blockchain technology. Salomon highlighted eToro's dedication to providing Spanish users access to various asset classes, investment tools, and educational resources to enhance their financial knowledge and wealth.

This development aligns with Spain's efforts to regulate cryptocurrency activities, including implementing stringent Know Your Customer (KYC) rules for digital currency transactions. While Spain doesn't recognize cryptocurrencies as legal tender, it maintains an open approach toward digital asset platforms operating within its borders.

It's worth noting that this is not eToro's first VASP license. In June 2022, eToro secured VASP approval from the French financial market regulator, Autorité Des Marchés Financiers. Subsequently, the broker obtained a similar registration to conduct cryptocurrency-related activities in Italy a month later. These VASP registrations underscore eToro's commitment to conducting business responsibly and fostering innovation, strongly emphasizing trader protection.