Bank Of Spain Registers eToro As A Virtual Asset Exchange

The Bank of Spain has registered the eToro multi-asset investing platform as a virtual asset exchange. The regulator approved eToro’s registration to serve as a service provider of virtual currency and electronic wallet custody services. The registration is a major step for eToro towards cementing its presence in the crypto asset space.

Bank of Spain registers eToro as a virtual asset exchange

The eToro copy trading platform said that the registration proved its commitment to growing its operations and better protect consumers while supporting innovation. The exchange also noted that it supports multiple assets across the platform, including crypto and blockchain technology.

Following this registration, eToro will offer a wide range of crypto-related products and services to its clients. The eToro platform is popular for its copy trading feature, with the recent approval allowing its clients in Spain to also trade crypto assets and copy the unique strategies used by expert traders.

“As a multi-asset platform which has been a long standing supporter of crypto and blockchain technology, we are proud to have received this registration from the Bank of Spain. We will continue to empower our Spanish users by providing them with access to a diverse range of asset classes, investment tools, and educational resources to enable them to grow their knowledge and wealth,” said the Regional Manager for Iberia and Latam, Tali Solomon.

eToro’s expansion into Spain

eToro has been making several moves to expand its products and services into Spain. The platform has secured strategic partnership deals and invested in unique marketing techniques aimed at this expansion. As such, the recent registration will allow the exchange to realize these plans of expansion.

One of the techniques being used by eToro to grow its brand includes investing in multiple sports sponsorships. Towards the end of June, the brokerage company announced a sponsorship deal for a Spanish basketball club known as Baskonia. The deal marked the first time that the online broker was venturing into basketball.

The deal between eToro and Baskonia will cover the next two seasons at the club, and it is slated to end in 2025. It will allow the eToro trading platform to boost its brand awareness across a larger audience, including basketball fans.

Spain is not the only target market for eToro’s expansion. Besides Spain, the copy trading platform has also secured other sponsorship deals across the sports industry. The main focus has been football, with the trading platform teaming up with top football teams in the Czech Republic, Netherlands, and the United Kingdom.

The brokerage platform also secured a partnership deal with a professional rugby union league known as Premiership Rugby. However, eToro is not the only platform focused on sports deals, with multiple brokers turning towards such deals to attract a new audience.