PayPal has received approval from the Financial Conduct Authority (FCA) to offer cryptocurrency services in the UK. According to official FCA data, PayPal has been registered to offer “certain crypto asset activities” in the UK since October 31, 2023.
The Financial Conduct Authority (FCA) has granted PayPal the ability to offer cryptocurrency services. However, some requirements and restrictions have been imposed on its financial activities. These restrictions include stopping the onboarding of new clients and limiting existing clients to only holding and selling cryptocurrency assets.
PayPal is not permitted to expand its existing offerings in the cryptocurrency space. This restriction includes many activities related to cryptocurrencies. The restriction includes cryptocurrency exchange services, participation in initial coin offerings, staking, peer-to-peer exchanges, and decentralized finance activities such as lending and borrowing.
PayPal joins the ranks of other firms such as Interactive Brokers, Bitstamp and Komainu, making it the fourth company to obtain cryptocurrency registration from the Financial Conduct Authority (FCA) in 2023. This licensing development comes after PayPal’s brief suspension of cryptocurrency purchases for its UK customers in early October. The company stated in August that it was working to comply with new regulatory requirements in the country.
The UK is increasingly establishing itself as an important market for cryptocurrencies. According to an October 2023 report by blockchain analytics firm Chainasis, the UK leads Central, Northern and Western Europe in terms of raw cryptocurrency transaction volume.
Furthermore, a study by cryptocurrency tax platform Recap identified London as the most business-ready city in the world in February 2023. These trends highlight the growing importance of the UK in the global cryptocurrency landscape.
Komainu gains access to the UK cryptocurrency custody market
The Financial Conduct Authority (FCA) has granted regulatory approval to Komainu, a cryptocurrency platform backed by Nomura, allowing it to operate as a custodial wallet provider in the UK cryptocurrency custodial market under relevant regulations, Finance Magnates reported. Komainu will offer crypto custody services, including collateral management via its Komainu Connect platform, for secure and compliant storage of digital assets.
It is a move to enable Komainu to benefit from the expanding digital asset ecosystem in the UK and other key jurisdictions, facilitating the convergence of traditional and decentralized finance. Komainu previously held regulatory licenses in Jersey and Italy, and has been operating in Singapore since 2021.
PayPal has received approval from the Financial Conduct Authority (FCA) to offer cryptocurrency services in the UK. According to official FCA data, PayPal has been registered to offer “certain crypto asset activities” in the UK since October 31, 2023.
The Financial Conduct Authority (FCA) has granted PayPal the ability to offer cryptocurrency services. However, some requirements and restrictions have been imposed on its financial activities. These restrictions include stopping the onboarding of new clients and limiting existing clients to only holding and selling cryptocurrency assets.
PayPal is not permitted to expand its existing offerings in the cryptocurrency space. This restriction includes many activities related to cryptocurrencies. The restriction includes cryptocurrency exchange services, participation in initial coin offerings, staking, peer-to-peer exchanges, and decentralized finance activities such as lending and borrowing.
PayPal joins the ranks of other companies such as Interactive Brokers, Bitstamp and Komainu, making it the fourth company to obtain cryptocurrency registration from the Financial Conduct Authority (FCA) in 2023. This licensing development comes after PayPal’s brief suspension of cryptocurrency purchases for its UK customers in early October. The company stated in August that it was working to comply with new regulatory requirements in the country.
The UK is increasingly establishing itself as an important market for cryptocurrencies. According to an October 2023 report by blockchain analytics firm Chainasis, the UK leads Central, Northern and Western Europe in terms of raw cryptocurrency transaction volume.
Furthermore, a study by cryptocurrency tax platform Recap identified London as the most business-ready city in the world in February 2023. These trends highlight the growing importance of the UK in the global cryptocurrency landscape.
Komainu gains access to the UK cryptocurrency custody market
The Financial Conduct Authority (FCA) has granted regulatory approval to Komainu, a cryptocurrency platform backed by Nomura, allowing it to operate as a custodial wallet provider in the UK cryptocurrency custody market under relevant regulations, Finance Magnates reported. Komainu will offer crypto custody services, including collateral management via its Komainu Connect platform, for secure and compliant storage of digital assets.
It is a move to enable Komainu to benefit from the expanding digital asset ecosystem in the UK and other key jurisdictions, facilitating the convergence of traditional and decentralized finance. Komainu previously held regulatory licenses in Jersey and Italy, and has been operating in Singapore since 2021.