PayPal has been registered as a cryptocurrency service provider with the UK's Financial Conduct Authority (FCA), allowing the company to offer crypto-related services to British users.
PayPal has been registered as a cryptocurrency service provider with the UK's Financial Conduct Authority (FCA), allowing the company to offer crypto-related services to British users.
This registration follows PayPal's temporary suspension of cryptocurrency purchases for UK clients earlier this year due to new regulatory regulations.
The registration process is consistent with the FCA's anti-money laundering legislation, which requires enterprises to obtain approval before providing such services in the UK.
PayPal can now validate its cryptocurrency-linked promotional materials as part of the registration, guaranteeing compliance with the most recent marketing regulations. Noncompliance with the new guidelines might result in severe consequences, such as fines and imprisonment.
This comes as the UK government is unveiling the final phase of crypto regulations in the UK, including stablecoin regulation.
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