eToro is awarded the contract to operate crypto businesses in France

eToro has registered its cryptocurrency services with the dual regulatory structure in France, which includes the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The new license allows eToro to offer regulated services under the legislation governing the operation of Digital Asset Service Providers (DASPs), namely the French PACTE law, one of the first crypto legislative packages passed in Europe.

eToro (Europe) Limited has secured a digital asset service provider registration, which will enable its European operations to offer cryptocurrency trading and custody services on its platform. The registration also allows the broker to advance its operational plans across the European continent and provide users with regulatory protections in relation to AML/CFT and client identification requirements.

Emmanuel Sackmann, Regional Manager for France at eToro, said: “We are very proud to have received this registration from the Autorité des Marchés Financiers (AMF). France is an important market for us and we are pleased to offer our French users direct access to cryptoassets as part of a diversified investment portfolio. eToro’s goal is to get more people investing and we fully support all regulatory measures that protect retail investors without excluding those who could benefit most or stifling innovation.”

The French Pacte law includes a very wide range of measures covering many aspects of all crypto-active players. Current laws require cryptocurrency exchanges, as well as custodians, to undergo mandatory AMF registration and obtain certification issued by the French regulator. France’s main regulator confirmed that it is already working with other crypto-related operators such as exchange platforms, custodians and wealth managers.

Earlier in 2018, France introduced its own guidelines for ICOs and similar token sales, then proposed legislative changes to bring cryptocurrency-related companies under the legal purview of its financial regulator.

In addition, the framework provides for heavy fines for those who do not comply, but does not reimburse investors for their losses, as is the case with compensation funds covering traditional investments.

Earlier this month, eToro lifted the suspension and allowed trading with Terra’s Luna again. Similar to the suspension announcement, the Israeli social trading network advised traders to be cautious as there are still doubts about its safety and certainty. eToro was unwilling to give way to criticism and advocated doing personal research before acting on the announcement.

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