PayPal Expands Crypto Services to Europe, Starting in Luxembourg
JAKARTA – A leading US-based financial services company, PayPal, which has been providing crypto services, is reported to have expanded its crypto services in Luxembourg. This is PayPal's first step to expanding its crypto business into the European market.
PayPal plans to open a crypto trading service that includes Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. PayPal users in Luxembourg will be able to trade and store crypto assets in PayPal accounts on both the website and the app.
According to an announcement shared by the company, the service will be made available in the "coming days." Users can start by purchasing crypto for as little as 1 euro through the platform via the website or mobile app using their PayPal balance, linked bank account, or EU-issued debit card.
Previously, PayPal opened its first crypto service in the United States in 2020, followed by expansion to the UK in 2021. Commenting on these developments, Jose Fernandez da Ponte, SVP and GM, blockchain, crypto & digital currency, PayPal, outlined the importance of entry to the Luxembourg market for easy access to digital money.
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"Adding Luxembourg is an important step in PayPal's mission to make digital currencies more accessible. We are committed to continuing to work with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of finance and commerce global,” said Jose Fernandes, quoted from CryptoPotato.
As lawmakers prepare to vote on the regulation of the crucial European Market in Crypto Assets (MiCA) next year, industry experts believe the upcoming regulatory regime could create an easier environment for exchanges to operate.
The latest move comes months after PayPal announced support for native transfers of crypto assets between the platform and other wallets and exchanges. In short, it allows Bitcoin and Ethereum withdrawals to private wallets.
In addition, the American multinational also revised its Sales Protection program to exclude non-fungible token (NFT) transactions that exceeded US$10,000 earlier this year.