PayPal Receives Approval to Offer Crypto Services in the UK
Global payment giant PayPal has obtained approval from the Financial Conduct Authority (FCA) to provide cryptocurrency services in the United Kingdom. The FCA register indicates that PayPal has been registered since October 31, 2023, to offer specific crypto asset activities in the country.
However, there are certain requirements and restrictions imposed on PayPal’s financial services activities. These include limitations on onboarding new customers and restricting existing customers to holding and selling cryptocurrencies. The register also states that PayPal is not allowed to expand its current offering in crypto assets, including crypto exchange services, participation in initial coin offerings (ICOs), staking, peer-to-peer exchange, and decentralized finance activities such as lending and borrowing.
The UK’s Growing Crypto Economy
The United Kingdom has been emerging as a prominent cryptocurrency economy. According to a report by blockchain analytics firm Chainalysis, the UK leads Central, Northern, and Western Europe in terms of raw transaction volume. Additionally, a study by crypto tax platform Recap identified London as the world’s most crypto-ready city for business in February 2023.
Hot Take: PayPal Expands Crypto Services in the UK
PayPal’s approval from the FCA to offer crypto services in the UK is a significant development for the country’s growing cryptocurrency market. With PayPal’s widespread popularity and user base, this move is expected to further promote the adoption of cryptocurrencies among mainstream users in the UK. As one of the largest payment platforms globally, PayPal’s entry into the crypto space provides greater accessibility and legitimacy to digital assets. This milestone reinforces the UK’s position as a key player in the global crypto industry and sets the stage for further advancements and innovation in this rapidly evolving sector.
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