Global payments giant PayPal has received approval from the Financial Conduct Authority (FCA) to offer cryptocurrency services in the UK.
according to According to official data from the Financial Conduct Authority (FCA), PayPal has been registered to offer “certain crypto-asset activities” in the UK since October 31, 2023.
According to the record, PayPal has requirements or restrictions on the financial services activities it can operate.
“This includes, among other things, ceasing to acquire new customers and restricting existing customers to retention and upsell functions,” the information in the FCA filing says.
“The Company cannot expand its current offering in crypto assets,” the filing notes, adding that this includes, among others, cryptocurrency exchange services, participation in initial coin offerings, staking, peer-to-peer exchanges, and decentralized finance activities such as Loans and borrowings.
PayPal has reportedly become the fourth company to obtain cryptocurrency registration from the FCA in 2023, after Interactive Brokers, Bitstamp and Komainu. Obtaining the license comes shortly after PayPal briefly suspended the ability of its UK customers to purchase cryptocurrencies such as Bitcoin in early October. The company told Cointelegraph in August that it was working to comply with the country’s new regulations.
The UK has significantly emerged as a major cryptocurrency economy. According to an October 2023 report from blockchain analytics firm Chainalogy, the UK is the largest cryptocurrency country by total transaction volume in Central, Northern and Western Europe. According to a study by cryptocurrency tax platform Recap, London was the most crypto-ready city in the world for business in February 2023.
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