financemagnates.com
The Europe subsidiary of eToro, an Israeli multinational social trading and multi-asset investment company, says its users in France can now invest directly in crypto assets.
The trading network said its French users can trade the digital class in addition to existing range of investment products.
eToro on Friday said its registration as a Digital Asset Service Provider (DASP) with the Autorité des Marchés Financiers (AMF), France’s financial industry watchdog, makes this possible.
The development comes two months after the total number of cryptocurrency assets on eToro peaked at 62 after the trading network added four new tokens to its platform.
The company explained that the registration demonstrates its commitment to collaborating with regulatory authorities to comply with rules and regulation.
It added that the registration also shows that it is committed to safeguarding retail investors.
Speaking on the move, Emmanuel Sackmann, eToro's Regional Manager for France, said the network’s goal is to get more people to invest.
Sackmann added that the multinational supports all regulatory actions that protect retail investors without excluding those who could benefit most or stifle innovation.
“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 delighted to be able to offer our French users direct access to crypto assets as part of a diversified portfolio of investments,” the Regional Manager said.
Private Funding?
Meanwhile, Finance Magnates reported last month that the Israeli company is on track to raising between $800 million and $1 billion in a private funding round.
This is even as the network continues its efforts towards becoming a public company.
The round will be one of the largest private equity funding rounds for any Israeli tech company if completed successfully.
The funding is said to be coming at a valuation of around $5 billion and $6 billion.
However, eToro declined to confirm the funding or new valuation.
“We don't comment on market rumours,” an eToro spokesperson told Finance Magnates.