The cryptocurrency industry is transforming significantly due to heightened government regulations, particularly in the United States. Many US-based crypto companies, especially exchanges, are considering strategies to shift their operations abroad, which includes exploring new markets and contemplating relocating entirely out of the country.

In contrast, Europe has become an attractive destination for crypto firms seeking a more favorable regulatory environment. Several companies like eToro, Galaxy Digital, and Ark Invest have announced plans to expand their operations into Europe.

eToro Receives Expansion Approval into EU

eToro, a multi-asset investment platform, has recently received approval for its registration under the CySEC CASP (Crypto Asset Service Provider) Register. This milestone enables eToro to provide regulated cryptocurrency services across all European Union (EU) member states through a single entity, eToro (Europe) Digital Assets Ltd.

The regulatory framework facilitating this expansion is anticipated to be in effect by December 2024, coinciding with the EU’s Markets in Crypto-Assets Regulation (MiCA) implementation.

Before commencing operations under this new regulatory framework, eToro will obtain the necessary authorization from the competent authority, CySEC. Dr. Hedva Ber, Deputy CEO at eToro, said this registration signals that they are 100% ready to embrace a new era for crypto once MiCA comes into effect next year.

Ber further emphasized that as a global company regulated in various markets worldwide, they are very much looking forward to the increased certainty and security that MiCA will offer consumers and reputable businesses in this space. Ber also highlighted the significance of Europe to eToro, as most of their users are based there, and they want to continue offering local investors direct access to a wide range of crypto assets as part of a diversified portfolio.

Galaxy Digital Appoints New CEO for Europe Expansion

Galaxy Digital, the American investment firm, is set to strengthen its presence in Europe by appointing a new regional CEO. Leon Marshall, formerly the Managing Director and Global Head of Sales at Genesis, has been chosen to spearhead Galaxy Digital’s European operations. Thi