PayPal earns recognition as cryptoasset business in the UK
According to an Oct. 31 update, PayPal UK Limited secured registration as a crypto asset business by the Financial Conduct Authority (FCA). This makes PayPal the fifth firm to receive the FCA’s crypto registration this year, alongside names like Interactive Brokers, Bitstamp and Komainu. You might also like: UK’s FCA to authorize overseas stablecoin providers One of the 14% approved Under PayPal’s listing on the FCA website, the status can now be found as “Registered Since Oct. 31, 2023” for “certain crypto asset activities.” In a statement to a 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.” Background and registration statistics | Source: FCA website 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...
