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FCA approves new measures for PayPal crypto activity

FCA approves new measures for PayPal crypto activity

FCA stated that the platform had been allowed entry into the registry by Tuesday, and by Wednesday noon it was given approval to engage in specific cryptoassets activities. Recently, the FCA declared that companies offering crypto services in the UK must be approved for registration and comply with the FCA’s anti-money laundering rules, or charges will occur.

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PayPal has now been granted approval to approve its own crypto-related communication within the new registry. This registry was created and implemented in 2020 in order to combat an increasing number of fraudulent cryptocurrency activities in the UK.

PayPal announced on August 1 that they would be temporarily pausing purchases via their platform, in order to conform to new UK laws.

A PayPal spokesperson noted that the company’s new registration onto the UK crypto register does not affect the pause PayPal announced in August:

The Financial Conduct Authority has approved PayPal UK Ltd as an authorised electronic money institution and consumer credit firm and registration as a crypto asset business, enabling the transfer of PayPal’s U.K. customer accounts to this new U.K. entity from PayPal Europe on 1…

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