PayPal Pushes Crypto Services For Europe Expansion With Luxembourg Launch

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Finan­cial ser­vice behe­moth Pay­Pal has announced expand­ing its cryp­to ser­vice to Lux­em­bourg soon in its first for­ay into the Euro­pean Union (EU).

Accord­ing to an update shared by the com­pa­ny, the ser­vice will be made avail­able in the “com­ing days,” fol­low­ing which eli­gi­ble cus­tomers will be able to buy, sell and hold cryp­to-assets in their Pay­Pal accounts via the web­site or the mobile app.

  • Ini­tial­ly, sup­port will be rolled out for Bit­coin (BTC), Ethereum (ETH), Lite­coin (LTC), and Bit­coin Cash (BCH).
  • Users can start by pur­chas­ing as lit­tle as €1 of cryp­to through the plat­form via the web­site or the mobile app using their Pay­Pal bal­ance, linked bank accounts, or EU-issued deb­it cards.
  • PayPal’s cryp­tocur­ren­cy ser­vices were first launched in the Unit­ed States in 2020, fol­lowed by last year’s expan­sion to the Unit­ed Kingdom.
  • Com­ment­ing on the devel­op­ment, Jose Fer­nan­dez da Ponte, SVP and GM, blockchain, cryp­to & dig­i­tal cur­ren­cies, Pay­Pal, stated:

“Adding Lux­em­bourg is an impor­tant step in PayPal’s mis­sion to make dig­i­tal cur­ren­cies more acces­si­ble. We are com­mit­ted to con­tin­u­ing to work close­ly with reg­u­la­tors and pol­i­cy­mak­ers in Lux­em­bourg to mean­ing­ful­ly con­tribute to shap­ing the role dig­i­tal cur­ren­cies will play in the future of glob­al finance and commerce.”

  • As law­mak­ers pre­pare to vote on Europe’s land­mark Mar­kets in Cryp­to Assets (MiCA) reg­u­la­tion next year, indus­try experts believe that the upcom­ing reg­u­la­to­ry regime could cre­ate an eas­i­er envi­ron­ment for exchanges to oper­ate in.
  • The lat­est move comes months after Pay­Pal announced sup­port for the native trans­fer of cryp­to-assets between the plat­form and oth­er wal­lets and exchanges. In short, it allowed the with­draw­al of Bit­coin and Ethereum to per­son­al wallets.
  • Besides, the Amer­i­can multi­na­tion­al com­pa­ny also revised its Sell­er Pro­tec­tion pro­gram to exclude non-fun­gi­ble token (NFT) trans­ac­tions that sur­pass $10,000 ear­li­er this year.
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