PayPal Receives UK’s FCA Approval to Offer Crypto Services to UK Nationals

Payments giant PayPal has become the latest to secure a cryptoasset registration from the UK’s Financial Conduct Authority (FCA).

According to the update on the FCA’s crypto register, the regulator issued registration to PayPal UK Limited on 31 October. The registration would allow the company to offer crypto services in the UK as the country continues to tighten the regulatory environment on the digital asset sector.

The registration approval comes months after PayPal UK temporarily suspended crypto purchases for its customers in the UK. The move would help PayPal to comply with the recent new rules for marketing cryptoassets enacted by the FCA.

PayPal confirmed at the time that crypto sales will be re-enabled in early 2024 and assured that user assets are safe.

The UK’s regulator has approved four crypto service providers so far in 2023, including PayPal, Komainu, Bitstamp and Interactive Brokers. In total, 43 cryptoasset firms have registered with the FCA since August 2020.