eToro: license for crypto services in New York
eToro announced that it has been granted a BitLicense, to provide crypto services in New York, along with a money transfer license.
eToro with BitLicense is officially a crypto service provider in New York
Social trading and multi-asset investment platform eToro has announced that it has received a license in the state of New York, the BitLicenseto provide crypto services, together with a money transfer licence.
🥳 It’s official! We have received our BitLicense in New York State.
Once operational, users in New York will have access to our award-winning virtual portfolio, integrated social investment tools and be able to trade stocks, crypto and options.
— eToro US (@eToroUS) 21 February 2023
Initially, the New York State Department of Financial Services (NYDFS) approved the application for a money and virtual currency transmission license (BitLicense) submitted by eToro NY LLC.
With this approval, eToro joins the already 32 licensed BitLicense entities established in 2015.
From now on users in New York State will be able to use eToro’s services at access to the virtual wallet, its integrated social investment tools, and will be able to trade stocks, cryptocurrencies and options.
eToro and crypto investments from Americans
Speaking of the recently approved BitLicense for eToro, Yoni Assiaco-founder and CEO of eToro, commented:
“Securing our BitLicense and Money Transmitter License in New York is an important milestone in the continued expansion of our US operations and a testament to our team’s commitment to working with regulators and government entities. eToro combines the community-led approach to social media with intuitive investment tools and prides itself on its easy user experience. On eToro, users can learn, practice, invest and share ideas.”
The platform also reported research data showing that 45% of US retail investors say they are currently investing or planning to invest in cryptocurrencies.
Therefore, despite the “long crypto winter”, it seems that American investors remain robust on the topiclooking for opportunities as well as hedges in case crypto prices fall further.
The eToro company already has a presence in the country, with eToro USA Securities Inc. to be a broker-dealer registered with the Securities and Exchange Commission and eToro USA LLC registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business.
Analyst Josh Gilbert’s optimistic analysis of Bitcoin
Earlier this year, eToro analyst Josh Gilberthad released his optimistic analysis of Bitcoin and crypto for 2023.
Actual, Gilbert looks ahead to 2023 with a more bullish trend, after Bitcoin and cryptocurrencies suffered in 2022 due to non-asset factors. Among many, Gilbert mentions rising inflation in the US and rising interest rates, but also the collapse of the Terra/Luna ecosystem and then the failure of the FTX crypto exchange.
Therefore, while in 2022 Bitcoin had a loss of 65%, in early 2023 the price was pushed to over $17,000, corresponding to positive employment data in the US which suggests that there can be no recession.
Gilbert predicts that if inflation continues to fall in 2023, there will be more chances of investors to feel motivated to turn the crypto trend to the upside.
Image credit provided by Piggy bank
