eToro, a market-leading trading platform, is the latest recipient of a DLT Operator Licence from the Gibraltar Financial Services Commission. The licence, which was awarded on December 7th, means that eToro now joins the ranks of other prominent fintech companies including Covesting, Coinfloor, Huobi and GBX, who have recently been granted DLT Licenses by the Gibraltar Financial Services Commission. Others such as First Group, TokenMarket, CEX and Digital Assets Management, have also submitted applications and are hoping to be amongst the next batch of firms to receive licenses.
Following the enactment of Gibraltar’s ground-breaking DLT Regulations in January 2018, the Gibraltar Financial Services Commission was swiftly inundated with applications, a key indicator of both the industry’s collective desire for more robust regulation, as well as Gibraltar’s strong international reputation and overall attractiveness as a place to do business.
“eToro was attracted to the Rock for various reasons”, says eToro founder and CEO, Yoni Assia. “Firstly, Gibraltar is a hugely successful and business-friendly jurisdiction that enjoys a good standing globally, plus it moves swiftly and has always been way ahead of the pack. The DLT Regulations are a case in point.”
eToro has been advised throughout the entire licence application process by Hassans International Law Firm, the largest law firm in Gibraltar whose FinTech team has just recently been ranked Tier 1 by Chambers and Partners.
Hassans’ Partner and co-lead of the specialist FinTech team, Anthony Provasoli, commented:
“eToro first moved to Gibraltar following a consultation with Hassans, in addition to guiding them through the licence application process and advising them throughout on all legal and regulatory matters, we also helped the company establish their presence on the Rock, provided them with non-executive directorship (Dani Rudich) and assisted them in sourcing the best local talent to join their team.”
eToro’s Yoni continues:
“The licence process is thorough, but, by being able to work so closely with the Gibraltar Regulator, as well as legal experts on the ground, we found it to be a rewarding and enlightening one. As they say, good things come to those who wait.”
The Hassans team advising eToro was led by Anthony Provasoli, who was recently ranked by Chambers & Partners as a ‘Band 1’ leading lawyer in the Fintech sector. Daniel Rudich, and up and coming associate Roy Balestrino, also formed part of the Hassans team.