PayPal approved for cryptocurrency license in the UK

PayPal approved for cryptocurrency license in the UK

PayPal continues to move deeper into the crypto space following its success in the US

Worldwide payments platform PayPal has acquired authorization from the Financial Conduct Authority (FCA) to deliver crypto services to customers in the UK. PayPal has been approved to provide “certain crypto asset activities” in the UK starting on October 31, according to official data from the FCA.

The FCA has confirmed that it greenlit PayPal, but that it has conditions or limitations set on the financial services activities that it can offer. “This includes, but is not limited to, ceasing onboarding new customers and restricting existing customers to hold and sell functionality,” read the announcement on the FCA register.

“The firm cannot expand its current offering in crypto assets,” notes the register, stating that it’s “including, but not limited” to crypto exchange services, initial coin offering participation, peer-to-peer transactions, staking, and decentralized finance services such as borrowing and lending.

PayPal is reported to be the fourth company to acquire crypto registration from the FCA this year, following Bitstamp, Interactive Brokers, and Komainu. This comes not long after PayPal briefly suspended the capability for UK customers to purchase cryptocurrencies in October. PayPal disclosed to Cointelegraph in August that it was working to comply with the country’s new regulations.

The UK has materialized as a prominent crypto economy. Blockchain analytics firm Chainalysis reported in October that the UK is the largest crypto economy regarding basic transaction volume in all of Northern, Central and Western Europe. Crypto tax platform Recap also conducted a study in February 2023, which showed London as the most crypto-ready city for business in the world.

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