PayPal Receives UK’s FCA Approval to Offer Crypto Services to UK Nationals

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By BitcoinWiki News

Key Takeaways:

– PayPal has received cryptoasset registration from the UK’s Financial Conduct Authority (FCA).
– The registration allows PayPal to offer crypto services in the UK.
– PayPal had temporarily suspended crypto purchases in the UK but will re-enable them in early 2024.
– The FCA has approved four crypto service providers in 2023.
– The FCA revised guidelines for crypto entities to facilitate crypto purchases and regulate crypto marketing.
– PayPal has been working closely with regulators to comply with rules and regulations.
– PayPal recently introduced a stablecoin called PayPal USD (PYUSD) and a dedicated cryptocurrency hub on its platform.

Payments company PayPal has received registration from the UK’s Financial Conduct Authority (FCA) to offer cryptocurrency services in the country. The registration allows PayPal to comply with new rules for marketing cryptoassets implemented by the FCA. The company temporarily suspended crypto purchases for its UK customers earlier this year and plans to re-enable them in 2024. In total, 43 cryptoasset firms have registered with the FCA since August 2020. The FCA has revised its guidelines to include additional criteria for crypto entities and bring crypto marketing under its supervision.

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