PayPal is making its way to final approval in the UK

 

PayPal

is making its way to final approval in the UK

PayPal "Paypal" has been approved as a new company to provide digital asset services in the UK, but with some restrictions imposed on it.

PayPal

based in San Jose

California

has joined a list of 42 other companies that have obtained approval from the Financial Conduct Authority (FCA) to provide their services to UK residents.

PayPal services were added to

the FCA registry on October 31.

PayPal joins other key players in this sector who have been approved

by the Financial Conduct Authority (FCA)

Including fintech unicorn Revolut in the UK

Uphold Europe, Galaxy Digital and Fidelity Digital Assets US.

PayPal UK Limited

It is the fourth company to receive approval from the Financial Conduct Authority (FCA) this year, after Interactive Brokers, Bitstamp and Komainu.

PayPal UK Limited acts as a save company for BTC coin.

The Financial Conduct Authority (FCA)

grants its approval to PayPal

UK Limited as an accredited electronic financial institution

and consumer credit company

and its registration as an encrypted asset company.

Accordingly

PayPal customer accounts in the UK can be transferred to this new entity in

PayPal Europe from November 1, 2023, according to the company's announcement.

This change

comes after the UK leaves the EU

and enables PayPal to provide its financial services in the UK through

the new entity accredited in accordance with applicable domestic regulations.

Until now

PayPal Europe

has been providing its services to its customers in the UK.

PayPal

will continue to provide the same products and services to

its customers in the UK.

PayPal

continues to invest in its digital asset services

seeking to diversify away from traditional payments businesses.

In August

PayPal launched a stable US dollar-denominated currency called

PayPal USD (PUSD).

PayPal

is also strengthening its cryptocurrency services

including in the UK

allowing users to buy, sell and retain digital assets.

However

PayPal was subjected to a crackdown by the Financial Conduct Authority (FCA)

forcing the company to freeze its services at some point.

In mid-August

PayPal announced that it would temporarily suspend its digital asset services

while working to comply with new regulatory legislation. "

FCA registration will enable PayPal to

provide additional digital asset services

and announce its services to UK investors.

However

according to PayPal's spokesperson, a potential licence

will not affect the ongoing suspension of service.

In the United States, the company-run

PUSD stablecoin attracts interest from regulators.

In its latest earnings report

PayPal disclosed that it had received a subpoena from

the Securities and Exchange Commission's Enforcement Section concerning PUSD.