Financial Conduct Authority Gives Approval
Payment giant PayPal has been granted approval by the Financial Conduct Authority (FCA) to offer cryptocurrency services in the United Kingdom. According to FCA data, PayPal has been registered to provide "certain crypto asset activities" since October 31, 2023.
Restrictions on Services
While PayPal has received the license, there are restrictions and requirements placed on its financial services activities. The FCA register states that PayPal must cease on-boarding new customers and limit existing customers to holding and selling functionality. The company is not allowed to expand its current offering in crypto assets, including crypto exchange services, participation in initial coin offerings, staking, peer-to-peer exchange, and decentralized finance activities such as lending and borrowing.
Developing Story
This is a developing story, and more information will be provided as it becomes available.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/hsbc-and-ant-group-test-tokenized-deposits-under-hkma-sandbox
