PayPal has expanded cryptocurrency services to Luxembourg, paving the way for expanding cryptocurrency services throughout Europe after the Markets in Crypto Assets (MiCA) legislative enactments.
The world’s largest financial services company, PayPal, has announced plans to launch cryptocurrency services in Luxembourg. One of the main objectives of this move is to grow and advance cryptocurrency services in the European Union.
This means that customers in Luxembourg can soon buy, sell and hold cryptocurrencies including Bitcoin and Ethereum.
PayPal is launching cryptocurrency services in Luxembourg
PayPal announced in a December 7th press release that it’s launching crypto services in Luxembourg. Customers in Luxembourg will now be able to explore the crypto market on a safer, more trusted platform.
“This is an important step in PayPal’s mission to make digital currencies more accessible, and we’re really pleased to be able to help drive this innovation forward,” said Jose Fernandez da Ponte, SVP and GM of PayPal’s blockchain, cryptocurrency & digital currency Transactions.
The company committed to collaborating closely with Luxembourg regulators and policymakers to define the role of digital currencies in international commerce and finance.
The company also offers educational content and explanations for customers to better understand the opportunities and risks that come with cryptocurrencies.
PayPal will allow eligible customers to buy, sell, and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for as little as €1 through the website or mobile app using their PayPal balance, a linked bank account, or an EU-issued debit card.
PayPal first launched crypto services in the U.S. in 2020 and UK in 2021, but Luxembourg as its EU headquarters allows PayPal to expand crypto services to other 26 EU countries after the Markets in Crypto Assets (MiCA) regulation becomes effective next year.
Changing Crypto Landscape in Europe
With more and more people adopting cryptocurrencies and the technology behind them, crypto companies are starting to expand into Europe.
One of these companies is Binance, a world-leading cryptocurrency exchange. CEO Dan Schulman recently spoke with CNBC about how he thinks “crypto and blockchain” have the potential to reform the financial system.
The EU’s Market in Crypto Assets Regulation will provide regulatory recognition and passporting rights to crypto businesses already licensed by member states.