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 announced the development today (Friday), noting that it had secured the registration about a month ago.
eToro Secures Spanish Registration
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 on the topic, 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.
“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.
eToro Makes Sports Investment in Spain
eToro’s new registration follows the trading platform provider’s efforts in recent months 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 the new official sponsor of Baskonia, a Spanish basketball club. The deal covers the club’s next two seasons which will end in 2025, Finance Magnates reported.
This year, eToro inked several football sponsorship deals in the United Kingdom, Czech Republic and the Netherlands. In addition, the broker signed a partnership deal with Premiership Rugby, an English professional rugby union league.
eToro Fined €1.3M in Italy
Earlier this month, Italy’s competitions watchdog penalised eToro Europe with a fine of €1.3 million, 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 the monetary terms and the technical aspects of its products and services to users.
However, a spokesperson for eToro told Finance Magnates that the brokerage firm was reviewing AGCM's decision. "We firmly believe in the importance of consumer protection and providing consumers with exhaustive information,” eToro's representative said.
