PayPal Expands Crypto Buy, Sell And Hold Services To Luxembourg
PayPal will be expanding its cryptocurrency services to eligible Luxembourgish customers in the coming days.
Once the service is operational, qualifying consumers will be able to use the website or the mobile app to purchase, sell, and keep Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in their accounts.
The launch of this service provides Luxembourgish customers with a new way to explore cryptocurrency within the PayPal environment they know and trust, as well as access to educational content to help answer frequently asked questions and better understand the opportunities and risks associated with cryptocurrencies. The company said in a statement:
“Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible. We are committed to continuing to work closely with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”
Once the Markets in Crypto Assets (MiCA) rule takes effect, Luxembourg, which is home to PayPal’s EU headquarters, might act as a gateway for the rest of the EU’s 26 member states.
Through a procedure known as passporting, enterprises registered in any one member state should be able to sell their services throughout the EU under this regulatory system. Binance and Coinbase, two crypto exchanges, have followed this approach in recent months. Nexo and Gemini have just registered in Italy.
PayPal’s cryptocurrency services were initially introduced in the United States in 2020, and have since expanded to the United Kingdom in 2021.
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