U.S. payment system PayPal has received a cryptocurrency license in the United Kingdom from the Financial Conduct Authority (FCA), a major achievement for the company as it seeks to expand its influence in the digital asset market.
With the new license, PayPal will be able to serve UK clients involved in cryptocurrency transactions directly from the UK rather than through its EU operations.
According to the list of registered crypto asset firms published on the FCA's website, the newly formed PayPal UK Limited was successfully registered to conduct certain digital asset transactions in the UK on October 31.
It is worth noting that the UK has recently introduced new rules, according to which, as of October 8, companies wishing to offer their services in the UK crypto market must be authorized or registered by the FCA. They will also have to comply with the regulator's strict anti-money laundering and counter-terrorist financing rules. The new FCA rules also govern the marketing of digital assets: promotions must be clear, fair, and not misleading, and they must include risk warnings.
PayPal's registration with the UK's Financial Conduct Authority demonstrates the payment system's commitment to operating in a regulated environment, ensuring transparency and trust among its user base.
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