giant in financial services In its first foray into the European Union, PayPal has announced that it will soon expand its cryptocurrency service to Luxembourg (EU).
According to a company update, the service will be made available in the “coming days,” after which time qualified customers will be able to use the PayPal website or mobile app to buy, sell, and hold cryptoassets in their PayPal accounts.
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash will all initially receive support (BCH).
Users can begin by buying as little as €1 worth of cryptocurrency through the platform using their PayPal balance, linked bank accounts, or EU-issued debit cards on the website or mobile app.
Initially introduced in the United States in 2020, PayPal’s cryptocurrency services were later made available in the United Kingdom last year.
PayPal’s SVP and GM of blockchain, cryptocurrency, and digital currencies, Jose Fernandez da Ponte, commented on the development and said:
“Adding Luxembourg is a crucial step in PayPal’s mission to expand the use of digital currencies. We are dedicated to continuing our close collaboration with Luxembourg’s regulators and policymakers in order to significantly shape the part that digital currencies will play in future international trade and finance.
Industry insiders predict that the landmark Markets in Crypto Assets (MiCA) regulation, which lawmakers will vote on next year, could make it simpler for exchanges to conduct business.
After PayPal announced support for the native transfer of cryptocurrency assets between its platform and other wallets and exchanges, the most recent action was taken a few months later. In other words, it made it possible to withdraw Bitcoin and Ethereum to individual wallets.
In addition, the American multinational corporation updated its Seller Protection programme earlier this year to exclude non-fungible token (NFT) transactions that exceed $10,000.