PayPal Registered To Offer Crypto Asset Activities In The UK

PayPal has been registered to offer crypto asset activity in the UK. (photo: dock. pexels)

JAKARTA - PayPal has been registered to offer crypto asset activities in the UK. This was said by the Financial Conduct Authority (FCA) on its website, when the global payment giant built a post-Brexit base in the UK.

While the crypto market in the UK is still waiting for its first rule, companies wishing to offer crypto assets should show the FCA that they have a security system against using these assets for money laundering or financing terrorism.

Regulators have also imposed tighter security against crypto asset marketing, which has hampered competitors like Binance.

PayPal, which first launched crypto purchases and sales in 2021, said in August it would temporarily halt its UK customers' ability to buy crypto assets from October 1. But they hope to restart in early 2024.

PayPal said on Wednesday November 1 that the FCA had approved the company as an authorized electronic money agency and a consumer credit company, as well as its registration as a crypto asset business, although the delay in crypto services in the UK would continue as previously announced.

These approvals mean that from November 1, PayPal subscribers in the UK will be transferred to a new UK-based entity from PayPal Europe, which previously served customers in the UK, reflecting the country's decision to leave the European Union.

"PayPal continues to offer our customers the same products and services in the UK," PayPal said in a statement.