Financial services giant PayPal plans to launch cryptocurrency services in Luxembourg, which seems to be a push to expand crypto services in the European Union. PayPal will allow customers in Luxembourg to buy, sell, and hold cryptocurrencies including Bitcoin and Ethereum.
In a press release on December 7, PayPal announced launching crypto services in Luxembourg in the next few days. Customers in Luxembourg can now explore the crypto market in a safer and trusted platform.
“Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible,” said Jose Fernandez da Ponte, SVP and GM, blockchain, crypto & digital currencies at PayPal. The company commits to working closely with regulators and policymakers in Luxembourg to shape the role of digital currencies in global finance and commerce.
The company will also enable educational content and FAQs for customers to better understand the opportunities and risks associated with cryptocurrencies. PayPal will allow eligible customers to buy, sell and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for as little as €1 through the website or the mobile app using their PayPal balance, linked bank accounts, or EU-issued debit cards.
PayPal first launched crypto services in the U.S. in 2020 and subsequently expanded crypto services in the UK in 2021. Luxembourg as PayPal’s EU headquarters paves way for expanding crypto services in other 26 EU countries after the Markets in Crypto Assets (MiCA) regulation comes into effect next year.
Crypto companies such as crypto exchanges Binance, Coinbase, Crypto.com, and Gemini started expanding into Europe amid growing crypto adoption. Paypal CEO Dan Schulman also believes crypto and blockchain technology can reform the financial system.
The upcoming EU-regulatory regime Markets in Crypto Assets will give passporting rights to crypto businesses already licensed in member states.
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