FCA Approves Paypal’s Crypto-Related Services in the UK
November 3, 2023
Good news for PayPal as it just got registered by the Financial Conduct Authority (FCA) in its web registry to resume its Crypto-asset-related services in the UK in 2024.
The UK-based payment giant previously paused its crypto purchases due to the regulatory changes in August 2023. However, after achieving the FCA’s registration, it is now in sync with the UK’s most recent regulatory updates that regulate cryptocurrency trading.
All VASPs and especially Crypto exchanges must know that Her Majesty’s Treasury has also published a Response to the Consultation and Call for Evidence in a 94-page document that outlines the regulatory outcomes and actions in regulating the crypto industry. This document stresses the FCA’s approval and strict compliance with the Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols of the UK and beyond.
Read about the Crypto Travel Rule as an effective regulatory measure for cryptocurrency.
Meanwhile, PayPal’s competitors in the crypto asset trading industry also opted for different strategic moves like exiting the UK’s market altogether or pausing customer onboarding. Due to these comprehensive regulatory changes, PayPal might also need to rethink its operations and undergo some restrictions for acquiring new customers.
Share your thoughts about PayPal’s possible strategic move in making its mark in the virtual-asset world at KYC AML Guide
Also Read: How UK’s PASS approved Digital Proof of Age Card
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