Global payments giant PayPal has received approval from the Financial Conduct Authority (FCA) to provide cryptocurrency services in the UK.
According to official data from the FCA, PayPal has Registered Offering “certain crypto asset activities” in the UK from 31 October 2023.
According to the register, PayPal has requirements or restrictions on the financial services activities it can operate.
Information on the FCA register reads: “This includes, but is not limited to, ceasing to admit new customers and restricting hold and sell functions to existing customers.”
The Register noted that “the company is unable to expand its current crypto asset offerings,” adding that this “includes but is not limited to” cryptocurrency trading services, participation in initial coin offerings, staking, peer-to-peer trading and decentralized finance activities such as lending and borrowing. .
PayPal reportedly became the fourth company to obtain FCA cryptocurrency registration in 2023, following Interactive Brokers, Bitstamp and Komainu. The license comes shortly after PayPal briefly suspended its UK customers’ ability to buy 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.
related: UK releases regulatory plan for stablecoins
The UK has clearly emerged as a major cryptocurrency economy. According to an October 2023 report by blockchain analytics firm Chainaanalysis, the UK is the largest cryptocurrency country in Central, Northern and Western Europe in terms of raw transaction volume. London is the best city in the world for cryptocurrency business in February 2023, according to research by cryptocurrency tax platform Recap.
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