New Crypto Step from PayPal as a result of EU Pressure!

New Crypto Step from PayPal as a result of EU Pressure!

New Crypto Step from PayPal as a result of EU Pressure! PayPal is expanding cryptocurrency services in Luxembourg, which paves the way for the promotion of crypto services in the European Union after the MiCA law. The major financial services PayPal plans to start a cryptocurrency service in Luxembourg, which seems to be an incentive to expand crypto services in the European Union. PayPal will allow Luxembourg customers to buy, sell and hold cryptocurrencies including Bitcoin and Ethereum.

PayPal has launched a crypto service in Luxembourg

In a December 7 press release, PayPal announced the launch of crypto services in Luxembourg the following day. Luxembourg customers can now explore the crypto market on a secure and reliable platform.

Jose Fernandez da Ponte, SVP and GM, Blockchain, Crypto and Digital Currencies at PayPal said, “The addition of Luxembourg is an important step in PayPal’s work to make digital currencies more accessible.” The company is committed to working with regulators and policy makers in Luxembourg to create a digital currency service in global finance and commerce.

The company will also provide educational content and FAQs to help customers understand the opportunities and risks associated with cryptocurrencies. PayPal will let eligible customers buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash for just €1 through the website or mobile app using their PayPal balance, linked bank account, or debit card provided by the EU.

PayPal first launched crypto services in the US in 2020 and expanded crypto services to the UK in 2021. Luxembourg, as the European headquarters of PayPal, paves the way for the expansion of crypto services to the other 26 EU countries when the law on Crypto Asset Markets (MiCA) starts next year.

Changing the Crypto landscape in Europe

Crypto companies such as crypto exchanges Binance, Coinbase, and Gemini have begun to expand in Europe amid growing crypto adoption. Paypal CEO Dan Schulman also believes that crypto and blockchain technology can change the financial system.

The upcoming EU regulation, Markets in Crypto Assets, will grant a passport license for crypto businesses already licensed in member states.

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