PayPal, the global payments giant, has successfully registered as a cryptocurrency service provider with the Financial Conduct Authority (FCA) in the United Kingdom, according to the regulator’s website.
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PayPal UK Limited has since been permitted to carry out “certain cryptoasset activities” in the country, according to the FCA’s register.
The registration allows the firm to approve its own crypto-related marketing efforts under the newly imposed regulatory regime.
The FCA’s new regulations went into effect on Oct. 8, requiring clearer risk disclosures for crypto companies as well as a 24-hour grace period for customers to reconsider their investments.
PayPal announced in August that it will pause crypto sales in the U.K. for a minimum of three months starting Oct. 1, as a response to the FCA’s new regulations. The firm said in August that expects to restart crypto sales in early 2024.
Outside the U.K., the fintech giant continues expanding its crypto services. At the beginning of August, it launched PayPal USD, a U.S. dollar-backed stablecoin on Ethereum.