PayPal has received approval from the Financial Conduct Authority (FCA) to offer crypto services in the UK. This makes PayPal the fourth firm to receive the FCA's crypto registration this year.
However, PayPal is still restricted from onboarding new crypto customers in the UK. This is because the FCA is still developing its regulations for cryptoasset businesses.
Existing PayPal customers in the UK can still hold and sell crypto, but PayPal cannot expand its crypto service offerings until the FCA has finalized its regulations.
PayPal is expected to restart crypto sales in the UK in early 2024.
Overall, this is a positive development for PayPal, as it shows that the company is committed to complying with UK regulations and offering its customers a safe and secure way to buy, sell, and hold cryptocurrencies.
