PayPal registers crypto service with UK FCA

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. 

See related article: SBF trial enters final stage; Bankman-Fried lied about spending customer funds, prosecutors say in closing arguments

Fast Facts

• 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.

See related article: Is PayPal’s new stablecoin a watershed moment for crypto?

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• Source: https://forkast.news/paypal-registers-crypto-service-uk-fca/