Residents of the United Kingdom will now be able to buy, hold and sell crypto assets through PayPal for the first time marking a important milestone for a company that began offering digital asset services less than a year ago.
The global payments provider announced that customers will soon have access to Bitcoin, Ether, Litecoin and Bitcoin Cash through PayPal’s website and mobile app. This makes the first expansion of PayPal’s cryptocurrency services beyond the United States.
Senior executive for PayPal’s crypto division Jose Fernandez da Ponte, cited that the “digitization of money” during the pandemic as one of the primary motivations for entering crypto in the first place. He also stated:
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K. to explore cryptocurrency.”
By offering its cryptocurrency services to United Kingdom residents, PayPal could play a role in increasing exposure to digital assets in the country. PayPal penetration is highest in the United Kingdom at over 2 million monthly active users compared to other European countries.
In terms of regulations, the U.K.’s Financial Conduct Authority, or FCA, is increasingly cracking down on cryptocurrency exchanges that do not meet its registration requirements. Binance’s U.K. operations were shuttered earlier this summer after the FCA warned the exchange it was not permitted to offer regulated trading activity in the country.
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