PayPal powers crypto services to expand in Europe with launch in Luxembourg

Financial service PayPal has announced that it will soon expand its crypto service to Luxembourg 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,” after which eligible customers will be able to buy, sell, and hold crypto assets in their PayPal accounts through the website or mobile app.

  • Initially, support will be provided for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
  • Users can start purchasing as little as €1 worth of cryptocurrency through the platform via the website or mobile app using PayPal balance, linked bank accounts, or EU-issued debit cards.
  • PayPal’s cryptocurrency service first launched in the US in 2020, followed by an expansion last year into the UK.
  • Jose Fernandez Da Ponte, Senior Vice President and General Manager, Blockchain, Crypto and Digital Currency, PayPal, commented on the development:

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

  • As lawmakers prepare to vote on regulation of European Markets in Crypto Assets (MiCA) next year, industry experts believe the upcoming regulatory framework 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 withdrawal of Bitcoin and Ethereum to personal wallets.
  • In addition, the US multinational also revised its seller protection program to exclude non-fungible token (NFT) transactions of more than $10,000 earlier this year.

The PayPal publication pushing crypto services to expand into Europe appeared with the Luxembourg debut of CryptoPotato.

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