PayPal will offer crypto services in Luxembourg

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PayPal is expanding its crypto services in Luxembourg after launching in the US in 2020 and in the UK a year later.

According to a recent article by The Cryptonomist, Paypal has its sights set on the European Union, and the expansion into Luxembourg makes sense given that it currently houses PayPal’s European headquarters, serving as a potential gateway to the other 26 countries of the EU.

The timing is also crucial as PayPal expects the European Crypto Asset Markets (MICA) to become law by the end of the year, allowing all crypto service providers to sell their products across the EU. This regulation grants businesses registered in each member state a license to sell their services through an identification registration process. Over the past few months, crypto exchanges such as Coinbase and Binance have taken advantage of this opportunity. Additionally, Gemini and Nexxo are now registered in Italy.

PayPal’s expansion into Luxembourg, with plans to expand into the EU, will make selling and buying cryptocurrency a reality. Additionally, Luxembourg customers will be able to explore crypto in the safe and familiar space they have come to know, within the PayPal ecosystem. It is also in this environment that clients will have access to educational content and have their questions answered to understand the risks and opportunities of cryptocurrency.

Fintech giants such as PayPal have been the biggest proponents of crypto adoption. We have covered this feature here.

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