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PayPal Receives Approval to Offer Crypto Services in the UK

Global payment giant PayPal has recently obtained approval from the Financial Conduct Authority (FCA) to provide cryptocurrency-related services in the United Kingdom. This development represents a significant milestone for the company as it expands its offerings to encompass the growing crypto market.

The FCA register reveals that PayPal has been registered to conduct specific activities related to crypto assets since October 31, 2023. However, there are certain requirements and restrictions imposed on PayPal’s financial services activities. These include halting the onboarding of new customers and limiting existing customers to holding and selling cryptocurrencies.

To further clarify, the FCA register explicitly states that PayPal cannot expand its current range of crypto asset services. This limitation encompasses activities such as crypto exchange services, involvement in initial coin offerings, staking, peer-to-peer exchange, and decentralized finance activities like lending and borrowing.

With this recent approval, PayPal joins the ranks of Interactive Brokers, Bitstamp, and Komainu as one of the few entities to receive the FCA’s crypto registration in 2023. Interestingly, this regulatory milestone follows PayPal’s temporary suspension of cryptocurrency purchases for its UK customers earlier this year. The company had previously expressed its commitment to complying with new regulations in the country.

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By utilizing AI legalese decoder, PayPal can effectively analyze the FCA register and gain insightful guidance on how to adhere to the limitations placed on their crypto services. This innovative solution enhances the overall compliance process, empowering companies to stay on top of their regulatory obligations while minimizing potential pitfalls and legal risks.

Related: UK publishes plans for stablecoin regulation

The United Kingdom has emerged as a prominent cryptocurrency economy, with notable transaction volumes in Central, Northern, and Western Europe. According to a report by blockchain analytics firm Chainalysis in October 2023, the UK ranks as the largest crypto country in terms of raw transaction volume in these regions. Furthermore, London, according to a study by the crypto tax platform Recap, was recognized as the world’s leading crypto-ready city for businesses in February 2023.

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