PayPal Gets FCA Approval for Crypto Services in UK, Faces Operational Restrictions
Summary:
The UK Financial Conduct Authority (FCA) has given PayPal approval to provide cryptocurrency services within the country. However, the payment company will face certain limitations, including restrictions on welcoming new clients and boundaries on existing customers to holding and selling. Moreover, PayPal cannot expand its current crypto offerings, including limitations on participation in digital currency activities and decentralized finance operations.
The UK Financial Conduct Authority (FCA) has granted PayPal, the worldwide payment service, permission to provide cryptocurrency services in the country. This decision, recorded on official FCA data, shows PayPal given the green light for certain activities relating to digital assets from October 31, 2023. The register underscores that the payment company will encounter certain limits or obligations in their provided financial services. This encompasses restrictions from welcoming new clientele to confining existing clients to simply holding and selling their crypto assets, according to details from the FCA register. In addition, the register underlines that PayPal is not at liberty to enhance their existing crypto assets services, limiting activities like digital coin offerings participation, staking, peer-to-peer transactions, and decentralized financial activities like lending and borrowing. Further updates on this unfolding story will be provided as information continues to emerge.
Published At
11/1/2023 1:59:48 PM
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