Global payments giant PayPal just secured a license from financial regulators in the United Kingdom to operate as a crypto asset business.
According to the Financial Conduct Authority (FCA) website, PayPal is registered for certain crypto asset activities effective October 31st as required by the UK’s money laundering regulations.
Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), firms and practitioners that seek to operate as crypto asset exchange providers, peer-to-peer providers, issuers of new crypto assets and custodian wallet providers need to be green-lighted by the FCA, which serves as the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of crypto asset businesses in the UK.
Reads the FCA website,
“Crypto asset businesses that intend to provide in-scope services while acting in the course of business carried on by them in the United Kingdom must be registered with the FCA before they begin.
Registration under the MLRs is a legal requirement to carry on business. It is not a recommendation or endorsement of your business.”
PayPal rolled out its crypto offerings in the UK in 2021, enabling customers to buy, sell and hold digital assets through the company’s website and mobile app, but the firm recently suspended crypto buying for UK customers as it works to meet regulatory requirements.
“PayPal’s crypto purchasing service is temporarily paused while we update our system to comply with new UK regulations. You can continue to hold your crypto, or you may sell if you choose.”
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