eToro is trying to get regulated in Singapore. They’ve applied for a license from the Monetary Authority of Singapore (MAS). The Israeli broker says their application is “in process” but hasn’t shared details on the license.
eToro is based in Israel but operates globally. They’re already regulated in countries like the UK, Cyprus, and the US. They recently got approval to operate in the UAE too. However, the Philippines warned against eToro for offering services without local authorization, which eToro denied.
Getting a license in Singapore is seen as a smart move since other crypto exchanges are doing it too. Singapore is a good market, with IG Group making a lot of money there.
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eToro started in 2007 and became known for copy-trading. Now, they offer stocks and crypto trading too. They have about 3 million accounts and manage $11.3 billion in customer assets.
eToro wants to go public, maybe in the US. Even though most of their money comes from Europe, they’re interested in the US market’s big opportunities. They tried to go public before but it didn’t work out. Now, they’re thinking of a valuation of over $3.5 billion.
