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 <p class="is-style-lead">According to an Oct. 31 update, PayPal UK Limited secured registration as a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>asset <a rel="noopener noreferrer nofollow" title="business" href="https://thebittimes.com/tag/business.html">business</a> by the Financial Conduct Authority (FCA).</p>
 <p>This makes PayPal the fifth firm to receive the FCA’s <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> registration this year, alongside names like Interactive Brokers, Bitstamp and Komainu.</p>
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 <h2 class="wp-block-heading" id="one-of-the-14-approved">One of the 14% approved</h2>
 <p>Under PayPal’s listing on the&nbsp;FCA website, the status can now be found as “Registered Since Oct. 31, 2023” for “certain <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>asset activities.”</p>
 <p>In a statement to a&nbsp;local news site, a spokesperson said that this announcement “enabl[es] the transfer of PayPal’s UK customer accounts to this new UK entity from PayPal Europe on Nov. 1, 2023.”</p>
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   <img decoding="async" width="1024" height="621" src="https://cdn.thebittimes.com/images/2023/11/02/5104d02c1a06c2dfc90fc2f94169db93.webp" alt="PayPal earns recognition as cryptoasset business in the UK - 1"> 
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   Background and registration statistics | Source: FCA website
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 <p>Since January 2020, the FCA has received 326 applications, of which only 14% or 43 received registration status. Of this number, only 34 were submitted this year, with a mere 6% or five being classified as registered.</p>
 <h2 class="wp-block-heading" id="forthcoming-regulations">Forthcoming regulations</h2>
 <p>On Oct. 30, the UK government made the official announcement of its commitment to imposing stricter regulations on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>asset activities, aligning them with the regulatory framework governing traditional financial services.&nbsp;</p>
 <p>The government, in response to a consultation initiated earlier this year, revealed its intention to introduce the necessary legislation in 2024 to enact these regulatory changes, as announced by&nbsp;the Treasury.</p>
 <p>The timing of PayPal’s registration couldn’t be more fitting for the firm.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/paypal-earns-recognition-as-cryptoasset-business-in-the-uk-tbt68722.html">https://thebittimes.com/paypal-earns-recognition-as-cryptoasset-business-in-the-uk-tbt68722.html</a></p>

PayPal earns recognition as cryptoasset business in the UK

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