PayPal has received the green light from the U.K. Financial Conduct Authority (FCA) to offer cryptocurrency services.
This approval allows PayPal UK Limited to engage in some cryptocurrency-related activities, complying with regulations aimed at preventing illegal financial activities.
The FCA has set certain rules for PayPal’s cryptocurrency services. Currently, they are not allowed to onboard new customers, and existing customers can only buy and sell crypto.
Additionally, PayPal cannot introduce new types of crypto services, including crypto exchanges, launching new coins, or providing crypto-based lending.
Despite these limitations, PayPal can now freely share its cryptocurrency-related updates and announcements. This comes after PayPal briefly paused crypto purchases in the U.K. earlier in August to align with new regulatory requirements.
This approval marks a significant step for PayPal’s crypto services, and it allows them to operate within the legal framework of the U.K. financial market.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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